Examlex
What are the two key features of scientific management?
Chemicals
Chemicals are substances formed from chemical reactions between elements or compounds, and they have specific chemical compositions and properties.
Production Possibilities
Different combinations of goods and services that an economy can produce using all of its resources efficiently.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision, representing the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Increasing Costs
This refers to a situation where the costs of production increase as the output level increases, often seen in industries with limited resources.
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