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Establishing Pay Ranges Involves Determining the Relative Worth of the Different

question 33

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Establishing pay ranges involves determining the relative worth of the different jobs to the organization,ensuring:


Definitions:

Outlay

The amount of money spent on a particular item or service, serving as expenses in financial transactions or projects.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between options.

Capital

Economic resources that are used to create goods and services, such as buildings, machinery, and equipment.

Accounting Profit

Total revenue minus total explicit cost

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