What Is the Organizational Hypothesis

question 26

Short Answer

What is the organizational hypothesis?

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Definitions:

Market System

A market mechanism where the allocation of resources for investment, production, and distribution is driven by the forces of supply and demand, with the pricing of goods and services set freely within the market.

Minimize Cost

The process of finding the most efficient level of production, where the combination of inputs results in the lowest possible cost.

Unit of Output

The basic measure of productivity or product which is generated by a production process, operation, or project.

Competitive Market Economy

A system where market forces govern the production, distribution, and pricing of goods and services, featuring many buyers and sellers and free entry and exit from the market.