Resource Pricing Is Important Because

question 97

Multiple Choice

Resource pricing is important because

• A) resource prices are a major determinant of money incomes.
• B) resource prices allocate scarce resources among alternative uses.
• C) resource prices, along with resource productivity, are important to firms in minimizing their costs.
• D) of all of these reasons.

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Definitions:

Productivity Growth

The increase in the efficiency of production of goods and services, measured by the output per unit of input over time.

Managers

Individuals responsible for planning, organizing, leading, and controlling resources and teams to achieve organizational goals.

Zero Defects

A quality management concept aimed at reducing defects and ensuring products meet quality standards by encouraging a culture of continuous improvement.

Philip Crosby

An influential figure in quality management who developed the concepts of "zero defects" and "the cost of quality," emphasizing that quality management can reduce costs.