Elise Is the Manager in the Finance Department for a Company

question 412

True/False

Elise is the manager in the finance department for a company that competes in a service industry.If her company is like most contemporary firms,Elise will leave almost all aspects of human resource functions to specialists in the human resource department.
Human resource management has become so important that it is no longer the responsibility of just one department.Most human resource management functions are now shared by professional human resource managers and the other managers within the organization.

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of inputs, indicating that resources are likely yielding the highest value use.

Differentiated Products

Goods or services that are distinguished from each other based on quality, features, or branding, making them non-identical from a consumer's perspective.

Elastic Demand

A situation where the demand for a product is sensitive to price changes, meaning small price changes lead to large changes in quantity demanded.

Barriers To Entry

Factors that prevent or hinder new competitors from easily entering an industry or area of business, often maintaining high levels of profit for those already established.