Valence Refers to the Importance That an Individual Places on the Potential

question 58

True/False

Valence refers to the importance that an individual places on the potential outcome or reward that can be achieved on the job.

---

Definitions:

Households

Economic units comprising individuals living together, making joint decisions about consumption and production.

Firms

Business entities or organizations engaged in commercial, industrial, or professional activities, either for profit or non-profit.

Market

Any structure that allows buyers and sellers to exchange types of goods, services, and information.

Factor Market

This refers to markets where services of the factors of production (not the actual products) such as labor, capital, and land are bought and sold.