___ Is the Combination of Knowledge, Skills, Equipment, Computers, and Work

question 42

Multiple Choice

___ is the combination of knowledge, skills, equipment, computers, and work methods used to transform resource inputs into organizational outputs.

• A) Strategy
• B) Technology
• C) A business plan
• D) An organizational system
• E) Job design

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Definitions:

Absolute Advantage

The capability of a country or individual to produce more of a good or service with the same amount of resources as competitors.

Opportunity Cost

The price paid for not selecting the next most favorable opportunity when deciding.

Production Possibilities Frontier

A curve that depicts all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), assuming all are used efficiently.

Labor Force

The total number of people employed and unemployed, actively seeking employment in an economy.