Self-Directed Work Teams Are Typically Responsible for a Specialized Skill

question 74

True/False

Self-directed work teams are typically responsible for a specialized skill, such as accounting or maintenance.

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Definitions:

Competition

Rivalry among business firms for resources and customers.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service more efficiently than its competitors when using the same amount of resources.

Opportunity Cost

The benefit that is missed or given up when choosing one alternative over another.

Comparative Advantage

Comparative advantage occurs when a country can produce a good at a lower opportunity cost than another country.