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Due in Part to Skills Shortages,progressive Organizations Now Understand That

question 12

Multiple Choice

Due in part to skills shortages,progressive organizations now understand that effective _______________ management is an integral strategic tool for enhancing competitiveness.


Definitions:

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of making choices.

Economize

The act of reducing waste or optimizing the use of resources to save money or achieve greater efficiency.

Affluent

Describes individuals, communities, or nations with a high level of wealth and income, typically measured by the standard of living and purchasing power.

Production Possibilities Curve

A model that shows the maximum combination of goods or services that can be produced with a fixed amount of resources.

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