Strategy and Tactics

question 34

Multiple Choice

Strategy and tactics

• A)are interchangeable terms.
• B)relate to achievement of overall long-term objectives, and multiple short-term objectives, respectively.
• C)can be seen as what top managers do and what lower level employees do, respectively.
• D)none of the above.

---

Definitions:

Scarce Resources

Resources that are limited in availability and cannot satisfy all the various uses for them, leading to competition and the need for allocation.

Production Possibility Frontier

The Production Possibility Frontier (PPF) is a graphical representation that shows the maximum quantity of two goods or services that a society can produce, given fixed resources and technology, highlighting the trade-offs in production choices.

Labor Force

The total number of people, including both the employed and the unemployed, who are of working age and seeking employment.

Opportunity Cost

The value of the next best alternative that is foregone when making a choice.