Frederick W

question 46

Multiple Choice

Frederick W.Taylor believed in _______________ approach to job design.

• A) the rule-of-thumb
• B) a scientific
• C) a just-in-time
• D) a laize-faire

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Definitions:

Utility Function

A mathematical representation that ranks an individual's preferences over a set of goods and services, showing the level of satisfaction or utility those goods or services provide.

Interest Rate

The percentage of principal charged by the lender for the use of its money or the return earned on deposit funds.

Consumption

The use of goods and services by households or individuals, typically measured to understand economic activity and consumer behavior.

Utility Function

A representation of a consumer's preferences, modelling satisfaction obtained from consuming goods and services.