Methods Used for Ethics Management in a Compliance-Based Approach Include

question 32

True/False

Methods used for ethics management in a compliance-based approach include education, reduced discretion, auditing and controls, and penalties.

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Definitions:

Economically Most Efficient

The state of achieving the highest level of output with the lowest possible input, optimizing the use of resources without waste.

Resource Prices

The cost of inputs used in the production of goods and services, such as labor, raw materials, and capital.

Market System

An economic system relying on market forces to allocate resources and to determine and regulate prices for goods and services.

What Will Be Produced

A fundamental economic question that addresses the kinds of goods and services to be made available in an economy, determined by factors such as resources, technology, and consumer preferences.