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Sudhir is evaluating Carol's performance.Sudhir has a poor opinion of Carol because she irritates him by asking questions and questioning his judgment in department meetings.When the HR director reviews Carol's performance evaluation,he notes that Sudhir has consistently rated Carol low.The HR director agrees in areas of judgment and tact but knows that Carol is considered one of the department's most effective people in other areas.What the HR director notes in Sudhir's evaluation is the rater bias called the halo effect.
Patents
Legal rights granted to inventors, giving them exclusive rights to make, use, or sell their inventions for a certain period.
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A situation in which a firm's production costs increase as it produces more, leading to less efficiency.
Essential Resource
A resource deemed vital for the survival of an organism, community, or operation, whose absence can lead to severe negative impacts.
Elastic Market Demand
Describes a market situation where the quantity demanded of a good or service significantly responds to changes in its price.
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