Which of the Following Are Characteristics of an Effectively Worded

question 86

Multiple Choice

Which of the following are characteristics of an effectively worded strategic vision statement?

• A) balanced, responsible, and rational
• B) challenging, competitive, and "set in concrete"
• C) graphic, directional, and focused
• D) realistic, customer-focused, and market-driven
• E) achievable, profitable, and ethical

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Definitions:

Production Possibilities

The different combinations of goods and services that a society can produce given its available resources and technology.

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than competitors.

International Specialization

The economic strategy where countries focus on the production and export of goods and services for which they have a comparative advantage.

Trading Possibilities Line

A line that shows the different combinations of two products that an economy is able to obtain (consume) when it specializes in the production of one product and trades (exports) it to obtain the other product.