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Explain how a manager's understanding of the concept of self-efficacy could be used to improve the performance and mental outlook of subordinates.
Output
The aggregate output of products or services generated by an enterprise, sector, or economic system over a defined time frame.
Positive Externality
A benefit obtained without compensation by third parties from the production or consumption of sellers or buyers. Example: A beekeeper benefits when a neighboring farmer plants clover. Also known as an external benefit or a spillover benefit.
Spillover Benefit
A positive effect experienced by bystanders or other parties not directly involved in the production or consumption of a good or service.
External Costs
Costs incurred by a third party as a result of an economic transaction that are not reflected in the transaction's price.
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