Core Competencies Are the Strengths That Are Unique to an Organization

question 3

True/False

Core competencies are the strengths that are unique to an organization, such as a creative workforce or a strong supply chain.

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Definitions:

Short Run

A period in economics where at least one input is fixed and cannot be changed.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.

Allocative Efficiency

A condition where resources are distributed according to consumer preferences, optimizing utility for both producers and consumers.

Production

The process of creating goods or services by combining various inputs like labor, materials, and technology.