Explain Why Competition Is Important According to Adam Smith

question 7

Essay

Explain why competition is important according to Adam Smith?

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Definitions:

Skills Inventory

A comprehensive record of the qualifications, expertise, and skills that employees within an organization possess, which helps in planning and decision-making.

Individualized Personnel Record

A detailed and personalized record keeping of an employee's history, qualifications, and achievements within an organization.

Mass Customization

A manufacturing approach that combines the flexibility and personalization of custom-made products with the low unit costs of mass production.

Employee Relationship

The interaction and communication between an employer and its employees, which can significantly impact job satisfaction, productivity, and retention.