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It takes Ross 6 hours to produce a bushel of corn and 2 hours to wash and polish a car. It takes Courtney 6 hours to produce a bushel of corn and 1 hour to wash and polish a car. Courtney and Ross cannot gain from specialization and trade, since it takes each of them 6 hours to produce 1 bushel of corn.
Internal Promotions
The practice of filling vacancies within an organization by promoting existing employees rather than hiring externally.
Employee Stock Plans
Programs allowing employees to purchase or receive shares in the company they work for, often at advantageous conditions.
Classical Management
A theory of management that emphasizes rationality, efficiency, and a hierarchical structure of control, typically associated with the early 20th century.
Profit-Sharing Plans
A form of employee reward system where a company shares a part of its profits with its employees as a motivational and loyalty-enhancing tool.
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