Prompts Are Used to Get the Correct Behavior to Occur

question 56

True/False

Prompts are used to get the correct behavior to occur so it can be reinforced.​

Distinguish the legal and ethical responsibilities businesses have towards society.

Comprehend the role of strategic planning in business success.

Understand the significance of organizational culture and its influence on business ethics and social responsibility.

Recognize the necessity for regular review and adaptation of a firm's ethics code.

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Definitions:

Resource Allocation

The process of distributing available resources among various competing needs or projects in order to maximize overall efficiency or achieve a desired outcome.

Economic Profits

The distinction in a company's finances that results from deducting both tangible and intangible costs from the total revenue.

Perfectly Competitive Industry

Describes a market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller has control over prices.

Variable Input

An input whose quantity the firm can vary at any time (for example, labor).