Examlex
HR has evolved towards helping the organization to achieve its strategic objectives.There are five critical pieces of knowledge that are part of HR professionalism.Identify and describe in detail two of these HR competencies.
Diminishing Returns
A principle in economics where each additional unit of input yields less and less extra output.
Average Variable Cost
The total variable cost divided by the number of units produced, representing the variable cost per unit of output.
Purely Competitive Market
A market structure characterized by a large number of sellers offering identical products, where no single seller can influence the market price.
Average Fixed Cost
The costs in production that remain constant regardless of output level, when divided by the produced output quantity.
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