Examlex
One problem with departmentalisation is that it discourages coordination through informal communication.
Maximize
The process of increasing a certain outcome or variable to its highest possible level, given a set of constraints.
Total Production
The total output of goods or services produced by an individual firm or an entire industry over a specific period.
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity (such as production of a good or service) more efficiently than another activity.
Opportunity Cost
The loss experienced from bypassing the following superior alternative in the course of decision-making.
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