A "Specific" Factor of Production Is

question 30

Multiple Choice

A "specific" factor of production is:

• A) critical to the production of the good or service.
• B) not transferable to other types of production and can only be used for the product in question.
• C) a set quantity for each unit produced.
• D) the opposite of a general factor, meaning it must fit within certain narrow quality parameters.

Recognize the efficiency comparison between the private and public sectors.

Identify factors contributing to government failures such as rent-seeking behavior and special-interest effects.

Understand the concept of logrolling and its impact on government decisions.

Recognize the implications of the principal-agent problem in politics.

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Definitions:

Interviewer Illusion

The often incorrect belief by interviewers that they can accurately judge an interviewee's character, potential, and future performance based on a relatively short interaction.

Corporate Financial Accounting

The practice of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

Organizational Psychologists

Professionals who apply psychological principles and research methods to improve the work environment, employee satisfaction, and productivity.

Employee Engagement

The degree to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work.