Formal,broad-Based Scanning of the External Environment Is an Essential Activity

question 12

True/False

Formal,broad-based scanning of the external environment is an essential activity for all business enterprises.

---

Definitions:

Productivity Growth

An increase in the efficiency of production, often measured as output per unit of input over time.

1990s

A decade characterized by significant technological advancements, economic globalization, the end of the Cold War, and cultural shifts in music, fashion, and entertainment.

1970s

A decade marked by significant social, political, and economic changes around the world, spanning from 1970 to 1979.

Baumol's Disease

A phenomenon in which wages in jobs that have not experienced increases in labor productivity are driven up by wages in jobs that have experienced productivity growth, leading to higher costs in non-productive sectors.