Adam Smith's Theory of the Invisible Hand Posits the Actions

question 33

Multiple Choice

Adam Smith's theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will ________ lead to the most efficient allocation of resources.

• A)always
• B)often
• C)rarely
• D)never

Acknowledge the role of cultural sensitivity and awareness in enhancing intercultural communication.

Understand how cultural dimensions influence business practices and communication.

Distinguish between stereotypes and their impacts on intercultural interactions.

Recognize the importance of adaptability and respect for diversity in global business strategies.

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Definitions:

Organizational Objectives

The specific aims or goals that an organization seeks to achieve, which guide its operational and strategic planning.

Frederick Herzberg

A psychologist best known for developing the Motivator-Hygiene Theory, which distinguishes between factors that create job satisfaction and those that prevent dissatisfaction.

Two-Factor Theory

A psychological theory proposed by Herzberg that suggests employee satisfaction and dissatisfaction are influenced by two separate sets of factors: motivators and hygiene factors.

Personal Rewards

Benefits or compensations received by an individual as a result of their actions or achievements, which can be intrinsic or extrinsic.