Briefly Describe the Insights of the Balassa-Samuelson Model Regarding Deviations

question 52

Short Answer

Briefly describe the insights of the Balassa-Samuelson model regarding deviations from LOOP.

Explore the roles of different sources of performance appraisal information and their biases.

Comprehend the advantages and challenges associated with different performance appraisal methods.

Understand how performance management supports both developmental and administrative decisions.

Distinguish between different ranking methods and their suitability for performance measurement.

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Definitions:

Wage Rate

The wage rate is the amount of compensation a worker receives per unit of time worked, often expressed per hour or per year.

Marginal Revenue Product

The extra revenue generated by employing one additional unit of a resource, such as labor or capital.

Diminishing Marginal Returns

A principle stating that after an optimal point, further increases in one input while holding others constant will result in smaller and smaller gains in output.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a variable input.