Why Is Formative Feedback Valuable

question 69

Essay

Why is formative feedback valuable?

Explain how selective exposure influences our interpersonal relationships and perceptions.

Define and illustrate the process of stereotype formation and its consequences on interpersonal communication.

Understand the concept and significance of perception in interpersonal communication.

Distinguish between direct and indirect perception checking strategies.

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Definitions:

Forgone Rent

The potential income lost by choosing to use a property or resource in a way that is not financially optimal or by not using it at all.

Economic Profits

The surplus generated from business activities after accounting for both explicit and implicit costs, including opportunity costs, representing above-normal returns.

Explicit Costs

Direct, out-of-pocket payments for costs of production, such as wages, rent, and materials, that a company incurs in conducting its business.

Implicit Costs

Costs that represent the opportunity cost of using resources that a business already owns, rather than explicit outlays of cash.