Examlex
Discuss some of the new paradigms emerging in OD that were introduced in this chapter.
Competitive Economy
An economic system where businesses operate in a free market, competing for consumers on price, quality, and service.
Barriers to Entry
Factors that prevent or hinder new competitors from easily entering an industry or market, such as high startup costs, strict regulations, or control of key resources.
National Income
The total value of all goods and services produced by a country over a specific period, usually measured annually.
Wages and Salaries
The financial compensation received by employees for their labor, typically determined on an hourly, daily, or contractual basis.
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