____________, According to Fayol, Means That Harmony and Team Spirit

question 89

Short Answer

____________, according to Fayol, means that harmony and team spirit across the organization builds morale and unity.

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Definitions:

Marginal Product

The additional output resulting from a one-unit increase in the use of a variable input, holding all other inputs constant.

Price of Labor

The compensation received by employees for their work, often influenced by factors like skill, industry demand, and geographic location.

Price of Capital

This entails the expenses linked to acquiring and utilizing capital goods, such as machinery, indicating the return investors demand for use of their capital.

Cost-Minimizing

A strategy or process of finding the most efficient way to produce goods or services at the lowest possible cost.