The 70-20-10 Model States That 70 Percent of Workplace Learning

question 32

True/False

The 70-20-10 model states that 70 percent of workplace learning comes from on-the-job experiences, 20 percent comes from education, and 10 percent from formal learning activities and events.

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Definitions:

Marginal Revenue Product

The increased earnings resulting from the utilization of one more unit of either labor or capital.

Wage

The price paid for the use or services of labor per unit of time.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing to buy at various prices.

Labor Services

The physical and mental efforts that people contribute to the production of goods and services.