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Time is an opportunity cost when a manufacturer assigns workers to one task rather than to another?
Opportunity cost is the price paid for forgoing something or purchasing something else. A manufacturer can allocate a task lesser time compared to another activity for purpose of reaching a given goal.
How do you find profit maximizing level of output?
The best way to find the profit maximizing level of to calculate it using the profit maximizing formula. To calculate it you need to know margins and how long it takes you to do each task.
What is the society's first economic task?
A society's first economic task is to allocate resources efficiently to meet the needs and wants of its population. This involves determining how to produce goods and services, who will produce them, and how they will be distributed. Efficient resource allocation helps ensure sustainability and stability, allowing for growth and development within the community. Ultimately, the goal is to enhance the overall well-being and quality of life for its members.
What causes a production possiblity curve to shift?
A PPC is based on the assumptions that technology used remains constant, and the quantity of resources remain constant also. So the things that cause shifts in the PPC itself are: * Technological change (i.e. A new invention makes production more efficient which increases output). * Specialisation - where individuals are placed into positions where they are best suited to the task or have knowledge of the task. It could even be firms specialising in what they do best and concentrating their resources on one particular good or service.
Which of these describes the principle of division of labor?
People are trained to do specific portions of a task in order to speed production of the total task. A+
What is the measure of output for any given project task or activity?
Productivity
What does sense of accomplishment mean?
A sense of accomplishment refers to the feeling of satisfaction and pride that comes from achieving a goal or completing a task. It is the recognition of one's efforts and the sense of fulfillment that comes with success.
What dose accomplishment mean?
To achieve what one has set out to do. For example, a goal to run 5 miles is accomplished once you run 5 miles.
What is A measure of output for any given project task is called?
A measure of output for any given project task is called a "deliverable." Deliverables are tangible or intangible items produced as a result of completing a task or project phase, and they serve as indicators of progress and performance. They can include reports, software, designs, or other specific outcomes that fulfill project requirements.
What does the word achievement mean?
An achievement is the accomplishment of a difficult task, the completion of a notable project, the attainment of a laudable goal. What you have done must be difficult and important to be a real achievement.
How do you input work and output work compare?
Input work refers to the energy or effort put into a task, while output work is the result or outcome of that task. Input work is necessary to generate output work, and the efficiency of this process can vary depending on factors such as resources, skill level, and external conditions. Ultimately, the goal is to maximize output work relative to the input work required.
Can you describe the feeling of satisfaction when you see the ball going into the hoop"?
The feeling of satisfaction when you see the ball going into the hoop is a sense of accomplishment and joy that comes from successfully completing a task or achieving a goal.
What is a Palindrome for the word accomplishment?
It's DEED which is a task that is completed or accomplished.
What is the meaning of the Greek word eregon?
Work, task, deed, accomplishment, or purpose
What does attain a desired goal mean?
It means: To achieve or accomplish a desired task/goal.
What is a measure of output for giving project task or activity is called?
A measure of output for a given project task or activity is commonly referred to as a "key performance indicator" (KPI). KPIs are quantifiable metrics that help assess the success or progress of a project in relation to its objectives. They can include metrics such as the number of tasks completed, the quality of deliverables, or the time taken to complete certain activities. By tracking these indicators, project managers can evaluate performance and make informed decisions.
What is technological competence?
Knowledge of, and skill in the exercise of, practices required for successful accomplishment of a business, job, or task.
