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In Colonial America,a Pickpocket Might Have Had a Hand Cut

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In colonial America,a pickpocket might have had a hand cut off as punishment.Why was this particular method of punishment chosen?

Recognize how succession management is inherently linked to organizational strategy, unlike replacement planning which is job-focused.
Understand HR planning's role in identifying immediate and future needs for critical positions to ensure business continuity.
Grasp the importance of current performance as a predictor of future performance in HR practices.
Comprehend the broader focus and objectives of succession management compared to replacement planning.

Definitions:

Wage Rate

The amount of compensation paid to labor per unit of time, which can vary based on factors such as industry, location, and level of skill.

Purely Competitive Market

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to price taking behavior.

Imperfectly Competitive Market

A market structure where individual sellers have some control over the price of their goods due to lack of perfect competition.

Wage Rate

The amount of compensation an employee receives per unit of time worked, often expressed hourly.

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