Competency Modeling Is Strategically Used to __________

question 61

Multiple Choice

Competency modeling is strategically used to __________.

• A) Create awareness of the need for stability in business
• B) Enhance the skill level of the workforce
• C) Encourage employees to focus on their own jobs as much as possible
• D) None of these

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Definitions:

Substitutes

Goods or services that can be used in place of each other; when the price of one increases, the demand for the other is likely to increase.

Complements

Complements are goods or services that are used together, where the increase in the consumption of one leads to an increase in the consumption of the other.

Price Elasticity

An index indicating how the amount of a product demanded or supplied changes in response to a price variation.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a particular period of time.