How People Are Hired and Trained, Disciplined, and Dismissed as Well

question 295

True/False

How people are hired and trained, disciplined, and dismissed as well as how employees dress, communicate, resolve conflicts, and celebrate special occasions are aspects of what is known as personnel dynamics.

Understand the use and purpose of economic models in explaining real-world phenomena.

Distinguish between movements along a curve and shifts of the curve in economic models.

Recognize the significance of opportunity cost in economic decision-making.

Understand the implications of correlations and causations among economic variables.

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional gain beyond the normal profit level.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production rather than earning income elsewhere.

Accounting Profits

The net income reported on the financial statements of a company, calculated as total revenues minus explicit costs and depreciation.

Industry Supply

The total quantity of a specific good or service that all firms in an industry are willing to sell at a given price level.