Examlex
Briefly define four of the following areas of focus in I/O psychology: selection, training and development, organizational development, performance appraisal, or quality of work life.
Price Floor
A legally established minimum price below which a good or service cannot be sold, often set to protect producers or farmers from too low prices.
Shortage
A market condition where the demand for a good or service exceeds the supply available at the existing price, resulting in scarcity.
Surplus
Occurs when the quantity of a good or service supplied exceeds the quantity demanded at a specific price, often leading to lower prices.
Price Ceiling
A legal maximum price that can be charged for a good or service, typically set by government to prevent prices from becoming too high.
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