_____ Involves Blending Different Genders,ethnic Backgrounds,cultures,religions,ages,and Physical and Mental Abilities

question 35

Multiple Choice

_____ involves blending different genders,ethnic backgrounds,cultures,religions,ages,and physical and mental abilities in order to enhance a firm's chances of success.

• A)outsourcing
• B)diversity
• C)entrepreneur
• D)competitive differentiation
• E)strategic alliance
• F)capital
• G)vision
• H)factors of production
• I)brand
• J)relationship management
• K)not-for-profit organizations
• L)business ethics

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Definitions:

Implicit Costs

The opportunity costs involved in using resources that a firm already owns, for which it does not make a direct payment.

Accounting Profits

The total revenue of a business minus the explicit costs associated with producing goods or services, not accounting for implicit costs.

Economic Profits

The variance between a company's overall earnings and the sum of its explicit and implicit expenditures.

Explicit Costs

Explicit costs refer to direct payments made for the operation of a business, like wages, rent, and materials.