What Occurs When the Nature, Types and Speed of Changes

question 77

Multiple Choice

What occurs when the nature, types and speed of changes overpower an individual's or organization's ability and capacity to adapt?

• A) Corporate downfall
• B) Corrective actions
• C) Future shock
• D) Corporate agility
• E) Measuring performance

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Definitions:

Comparative Advantage

The ability of an individual or group to produce a good or service at a lower opportunity cost than others, leading to more efficient trade possibilities.

Production Possibility

A graph showing the highest possible production levels of two items, using a specific combination of resources and various factors.

Opportunity Costs

Making a choice results in the loss of potential profit that could have been earned from choosing differently.

Increasing Opportunity

In economic terms, refers to the increasing cost associated with producing additional units of a good, implying that producing more of one good requires sacrificing increasingly larger amounts of another good.