The Key Distinguishing Feature Between the Mainstream Economics School and the Institutional

question 20

Multiple Choice

The key distinguishing feature between the mainstream economics school and the institutional labor economics (or industrial relations) school is that the industrial relations school believes that labor markets:

• A) Are not perfectly efficient.
• B) Operate similar to other types of markets.
• C) Have too few suppliers of labor (workers) but many purchasers of labor (employers).
• D) Work only when there is a "working class" that is excluded from the "ownership class."

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Definitions:

Six Sigma

A set of techniques and tools for process improvement aimed at reducing defects and improving quality.

Lean Enterprise Management

An approach focusing on reducing waste within manufacturing systems while simultaneously maximizing productivity and creating value for the customer.

Theory Of Constraints

A management philosophy focusing on identifying and managing bottlenecks that limit the performance of a system.

Supply Chain

A network of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.