One of the Least Important Productive Inputs in Almost All

question 64

True/False

One of the least important productive inputs in almost all companies is labor and it is unlikely that differential low cost access to labor can give a firm a cost advantage.

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Definitions:

Knowledge

refers to the facts, information, and skills acquired through experience or education; the theoretical or practical understanding of a subject.

Primary Functions

The basic roles or activities that are essential for an organization or system to operate effectively.

Staffing

The process of hiring, training, and maintaining a workforce to meet the needs and goals of an organization.

Planning

The process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the goals.