The most significant shortcoming of the scientific management approach to motivation is that it a. overstated the importance of money. b. understated the importance of money.c. was funded by large corporations.d. was not actually scientific. e. did not produce any positive results.
Answers
The most significant shortcoming of the scientific management approach to motivation is that it option a) overstated the importance of money. The scientific management approach, developed by Frederick Winslow Taylor in the late 19th century, emphasized the use of scientific methods to optimize work processes and increase efficiency.
Taylor believed that workers were primarily motivated by financial incentives and that increasing pay would result in increased productivity. However, research has since shown that money is not the only motivator for workers, and that other factors such as job satisfaction and opportunities for advancement can also play a significant role. Therefore, the scientific management approach's focus on monetary incentives alone is a major shortcoming. While the approach did bring about significant improvements in efficiency and productivity, its emphasis on monetary rewards fails to consider the full range of factors that motivate workers, leading to limited success in the long term.
Therefore, the right option is A.
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Related Questions
one year ago, you purchased a stock at a price of $57.81 per share. today, you sold your stock at a loss of 18.99 percent. your capital loss was $13.76 per share. what was the total dividends per share paid on this stock over the year?
Answers
The total dividends per share paid on the stock over the year was $ 2. 78
How to find the total dividends ?To find the total dividends, first find the total loss on the tock to be ;
= 57. 81 x ( 1 - 18. 99 %)
= 57. 81 x 81. 01 %
= $ 46. 83
However, the capital loss was $ 13. 76 which means the amount lost on the share price alone was:
= 57. 81 - 13. 76
= $ 44. 05
The total dividend per share was therefore :
= 46. 83 - 44. 05
= $ 2. 78
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124 CHAPTER 3 Interest Rate and Economic Equivalence (b) The equal payment series present-worth factor (a) How muc ally wort for 85 periods at 9.25% interest. Assume 3.33 You have borrowed $50,000 at an interest rate of (b) For the 12%. Equal payments will be made over a three-year the quart period. The first payment will be made at the end of pro-rated the first year.) What will the annual payment be, and a lump-s what will the interest payment be for the second year? $25 milli 3.34 You borrowed $15,000 from a bank with the Should agreement that you repay the balance in 10 equal instead o annual installments at an interest rate of 9%. What should be the required annual payment size? Linear Grad 3.35 What is the present worth of the following 3.38 An indi series of payments? (a) $1,000 at the end of each savings accou 7.2% compounded year for eight years at annually. The annually. (b) $4,500 at the of each year, and 9.5% compounded each year for 12 years at Determine how (c) 900 annually. ately after the 8.25% end of each year for 13 years at 3.39 Five ann compounded annually. (d) $19,300 at the end $8,000, $6,000 7.75% of each year for eight years at made into a fi annually. You trial equipment to buying a piece of indus- a tion This part of your fund immedia by as much as automation will save labor 3.40 Compute equipment $35,000 per year over costs cash flow diag costs S200,000. Should 10 years. The 3.37 you purchase the equipment if your interest rate is to a Mat Ryan, NFL the Atlanta $103.75 an agreed Falcons, million contract est-paid players which made extension with in profosi m
Answers
For question 3.34, you borrowed $15,000 with an agreement to repay the balance in 10 equal annual installments at an interest rate of 9%. To find the required annual payment size. The required annual payment size is approximately $2,414.71.
we can use the formula:
P = A * (1 - (1 + i)^(-n)) / i
Where:
P = Present value (amount borrowed) = $15,000
A = Annual payment (unknown)
i = Interest rate per period = 9% = 0.09
n = Number of periods = 10 years
Rearranging the formula to solve for A:
A = P * i / (1 - (1 + i)^(-n))
Plugging in the values:
A = 15000 * 0.09 / (1 - (1 + 0.09)^(-10))
A ≈ $2,414.71
The required annual payment size is approximately $2,414.71.
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If you wanted to add text to the top of every page in your document, which feature would you use?
Footer
Backstage View
Page Layout
Header
Answers
Answer:
Header
Explanation:
The Header adds texts to the top of each page.
Answer:
HEADER and FOOTER
Explanation:
PLATO
the ability of an individual to own and exercise control over scarce resources is called question 36 options: market failure. property rights. externality. market power.
Answers
The ability of an individual to own and exercise control over scarce resources is called property rights.
What are property rights?Property rights are the legal rights associated with the ownership of property. These rights are regulated by law and can include the right to use, transfer, or sell property. Property rights can also include the right to exclude others from using or occupying the property. Property rights are an important part of the legal and economic system, providing the basis for private ownership and the ability to generate wealth.
Property rights refer to the legal right of an individual to own and exercise control over scarce resources. This right is protected by law, and it gives individuals the power to make decisions about how resources are used and allocated. The other options are not related to the concept of property rights. Market failure refers to the inability of markets to efficiently allocate resources due to external factors. Externality refers to the impact of one person's actions on the well-being of another. Market power is the ability of a single entity to influence the market price of a good or service.
It can be concluded that the ability of an individual to own and exercise control over scarce resources is called property rights.
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Rick has three credit cards he uses for gas, entertainment, and groceries. All card balances are close to the limit, and he forgot to make a monthly payment on one card two months ago. What could be a future consequence of this behavior?
a
A higher interest rate
b
Garnishment of benefits
c
A better credit score
d
Loss of all credit
Answers
a. A higher interest rate
The future consequence of this behavior would be as A higher interest rate Option(a) is correct.
What is a Credit Card?A Credit card is an installment card gave to clients (cardholders) to empower the cardholder to pay a trader for labor and products in light of the cardholder's gathered obligation i.e., vow to the card backer to pay them for the sums in addition to the next concurred charges.
A Standard credit card is unique in relation to a charge card, which requires the equilibrium to be reimbursed in full every month or toward the finish of every assertion cycle. Conversely, credit cards permit the shoppers to fabricate a proceeding with equilibrium of obligation, likely to intrigue being charged.
A Credit card contrasts from a charge card likewise in that a credit card ordinarily includes an outsider substance that pays the merchant and is repaid by the purchaser, while a charge card just concedes installment by the purchaser until a later date.
Therefore Option(a) is correct.
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Some banks pay interest only on the minimum or smallest balance on deposit during an interest period. Helen Lamb had a balance of $783 in such an account on July 1. Annual interest is 2.7% compounded quarterly. She withdrew$170 on August 17 and deposited $200 on September 12. What was Helen’s minimum balance during the quarter?
Answers
Helen's minimum balance during the quarter was $613.
What is Minimum Balance in Account?According to the terms and conditions of the account agreement, a customer is required to keep the smallest amount of money in their account for a predetermined amount of time. This amount is known as the minimum balance in an account. Depending on the type of account and the bank's policies, the minimum balance can be set at a certain amount or it can change.
Plugging in the values, we get:
A = 783(1 + 0.027/4)^(4*(3/12))
A ≈ $791.13
So the balance at the end of the quarter, before the deposit, was about $791.13.
Next, we need to figure out the impact of the withdrawal and deposit:
August 17: Helen withdrew $170, leaving a balance of $783 - $170 = $613.
September 12: Helen deposited $200, bringing the balance to $613 + $200 = $813.
We can conclude that the minimum balance was $613 because the balance on July 1 was higher than the estimated balance at the end of the quarter, which was $791.13.
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Cakes by Dominic
Dominic has been helping his grandmother run a small-scale business
from her home making celebration cakes for special occasions such as
birthdays and weddings. She helped him develop his cake-making skills
which he further improved by completing a catering course at a local
college.
His grandmother wants to retire and let Dominic take over the business
as Dominic has always wanted to become an entrepreneur. He is very
passionate about what he does and is grateful to her as there are very few
job opportunities in the area. He has recently inherited a large sum of money from another relative
and wants to expand the business by setting up a small cake shop in his local town centre which
is busy with local trade. Apart from a small local bakery, there is no other competition in the area
that specialises in celebration cakes. Dominic is very optimistic about the future success of the
business and hopes that his initial investment will give a good return.
Outline two motives Dominic might have for wanting to become an entrepreneur.
[4]
Answers
Answer:
One motive that Dominic might have was that he has always wanted to become an entrepreneur and his grandmother wants him to take over the shop for her since his cake-making skills had very much improved since he started. And another motive Dominic had was that there was not a lot of jobs open for him in the area, so he was glad to help.
Explanation:
find the area of the squarewhose perimeter is 224cm
Answers
Answer:
3,136
Explanation:
area=3,136 hope that this helps you .I think that's the answer
Because Worldcom's accounting fraud was brought to an end with Cynthia Cooper's intervention,
WorldCom investor and employee losses were
Answers
Answer:
Explanation:
Less
When does a beneficiary who is a minor typically
have the legal right to take control of their
inheritance?
O-A. When they turn 21 years old
B. When they turn 16 years old
Immediately after the will is read
C.
O D. When they turn 18 years old
ITS D 18 years old
Answers
If a minor is listed as the beneficiary and gets goods or funds, the minor will not have the right to seize control of the assets.
What happens if the beneficiary of a life insurance policy is a minor?Insurance providers are not permitted to pay out life insurance proceeds directly to underage children. Payments to your family can be postponed until a custodian chosen by the court is brought in to manage the cash.
What does it mean for a minor to be a beneficiary?Children under the age of 18 are frequently included as beneficiaries of RRSPs, RRIFs, and life insurance policy payouts. Children who are still minors, however, are regarded as parties to a disability and as such, are not eligible to receive money directly.
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When aggregate production is greater than aggregate expenditures_____________ is produced than households want to buy, which leads to ___________in inventory, which signals firms that they have __________ , which causes firms to cut back production.
Answers
When aggregate production is greater than aggregate expenditures, more goods and services are produced than households want to buy, which leads to an increase in inventory, which signals to firms that they have overproduced, which causes firms to cut back production.
Land, labor, capital, and entrepreneurial activity are the elements that make up the aggregate production function. Since they affect the production process, they are all regarded as essential.
The aggregate production function explains how an economy's real total gross domestic product (real GDP) is influenced by the available inputs. Real GDP, or aggregate output, depends on the following: Physical capital includes production-related equipment like machines and facilities.
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Caitlin studied the relationship between gender and adjustment to retirement. She controlled for type of job before retirement and set up tables relating gender to retirement adjustment for each of her three categories of job type before retirement. The relationships displayed in these tables are known as:
Answers
Moderator-mediator interactions.
What are Moderator and mediator interactions?Moderator-mediator interactions refer to the relationship between an independent variable (the moderator) and a dependent variable (the mediator). The moderator is an independent variable that affects the strength or direction of the relationship between an independent and dependent variable.
The mediator is a dependent variable that acts as an intermediary between the independent and dependent variables, allowing for the effect of the independent variable on the dependent variable to be explained. Together, the moderator and mediator act as a system to explain the causal relationship between the independent and dependent variables.
The moderator can be anything from a demographic characteristic to an environmental factor, while the mediator can be anything from an attitude to a behavior. This type of interaction is important in understanding the impact of different variables on each other, and in designing interventions to create positive change.
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Investment 2 Study questions Practice Questions: 1. On January 1, Stacy's portfolio was valued at $96,534. During the year Stacy received $3,285 in interest and $4,100 in dividends. She also sold one stock at a gain of $850. The value of the portfolio on December 31 of the same year was $113,201. At the end of June, Stacy withdrew $5,000 from the portfolio. What is the holding period return for the year? (refer slides for the formula) Sol: 25. 8% 2. Six months ago, Suzanne purchased a stock for $28 a share. Today she sold the stock at a price of $32 a share. During the time she owned the stock, she received a total of $1. 30 in dividends per share. What is her holding period return? Sol: 18. 9% 3. On January 1, Tim's portfolio was valued at $432,098. During the year Tim received $10,563 in interest and $15,060 in dividends. He also sold stock at a net loss of $12,870 and used the proceeds to purchase another stock. Tim did not contribute any more funds nor withdraw any funds during the year. On December 31 of the same year, Tim's portfolio was valued at $398,189. What is the holding period return for the year? Sol: -1. 9%
Answers
The holding period return for Stacy's portfolio for the year is 25.8%. The holding period return for Suzanne's stock is 18.9%.Tim's holding period return for the year is -4.67%, indicating a negative return.
Holding Period Return = [(Ending Value - Beginning Value) + Dividends + Gain] / Beginning Value
In Stacy's case, the beginning value of her portfolio on January 1 was $96,534, and the ending value on December 31 was $113,201. She received $3,285 in interest, $4,100 in dividends, and had a gain of $850 from selling a stock. She also withdrew $5,000 at the end of June.
Holding Period Return = [($113,201 - $96,534 + $3,285 + $4,100 + $850) - $5,000] / $96,534
= ($24,902 + $4,100 + $850 - $5,000) / $96,534
= $24,852 / $96,534
= 0.257 or 25.8%
Therefore, the holding period return for Stacy's portfolio for the year is 25.8%.
Holding Period Return = [(Ending Value - Beginning Value) + Dividends] / Beginning Value
In Suzanne's case, the beginning value of the stock was $28 per share, and the ending value was $32 per share. She received $1.30 in dividends per share.
Holding Period Return = [($32 - $28) + $1.30] / $28
= ($4 + $1.30) / $28
= $5.30 / $28
= 0.189 or 18.9%
Therefore, Suzanne's holding period return for the stock is 18.9%.
In the case of Tim's portfolio, the holding period return for the year is -1.9%.
Tim's portfolio had an initial value of $432,098 on January 1 and a value of $398,189 on December 31. He received $10,563 in interest and $15,060 in dividends. However, he sold stock at a net loss of $12,870 and used the proceeds to purchase another stock. Tim did not contribute any additional funds or make any withdrawals during the year.
Holding Period Return = [(Ending Value - Beginning Value) + Dividends + Gain] / Beginning Value
= [($398,189 - $432,098) + $10,563 + $15,060 + (-$12,870)] / $432,098
= (-$33,909 + $10,563 + $15,060 - $12,870) / $432,098
= -$20,156 / $432,098
= -0.0467 or -4.67%
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A perfectly competitive market is in equilibrium and then demand decreases. the decrease in demand means the market price will ________ and eventually there will be ________.
Answers
The lower in demand method the market price will FALL and finally, there could be a go-out by using existing corporations.
An economic concept that relates to a consumer's desire to buy items and services and willingness to pay a specific rate for them. A boom in the charge of a terrific or service has a tendency to decrease the quantity demanded. Demand can be defined as the amount of a commodity that a consumer is in a position and inclined to shop for, at each feasible fee, over a given period of time. critical elements of demand are amount, capability, willingness, fees, and time frame.
if a patron is hungry and buys a slice of pizza, the primary slice may have the best advantage or software. With every additional slice, the patron will become extra happy, and the application declines. In principle, the primary slice may fetch a higher rate from the patron.
The call for the feature is what describes a courting among one variable and its determinants. It describes how a lot of quantity of products is purchased at alternative costs of goods and associated goods, alternative income tiers, and opportunity values of different variables affecting demand.
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a supplier telling the buyer that many customers have benefited a great deal from its vendor managed inventory (vmi) services is what type of influence tactic?
Answers
The supplier's statement is an example of the social proof influence tactic, where they are using the success of other customers who have benefited from their VMI services to persuade the buyer to also utilize their services.
This tactic relies on the principle that people are more likely to make a decision if they see others doing the same thing. The emphasis on the benefits of VMI services, specifically regarding inventory management, highlights the value that the supplier can offer to the buyer and their consumers .
A supplier telling the buyer that many customers have benefited a great deal from its vendor managed inventory (VMI) services is an example of the "social proof" influence tactic. This tactic highlights the success and satisfaction of other customers to persuade the buyer to consider using the same service.
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how do cellphone companies promote their product?
Answers
Answer:
they promote there company by advertising the product making commercial
Consider a survival game in which members of a large population of animals meet in pairs and either fight over or share a food source. There are two phenotypes in the population: One always fights, and the other always shares. For the purpose of this question, assume that no other mutant types can arise in the population. Suppose that the value of the food source is 200 calories, and that caloric intake determines each player's fitness. If two sharing types meet one another, they each get half the food, but if a sharer meets a fighter, the sharer concedes immediately, and the fighter gets all the food.
A. Suppose that the cost of a fight is 50 calories (for each fighter) and that when two fighters meet, each is equally likely to win the fight and get the food or to lose and get no food. i. Draw the payoff table for the game played between two random players from this population. ii. Find all the evolutionarily stable strategies in the population. Check for pure strategies as well as mixed strategies. iii. What type of game is being played in this case? B. Now suppose that the cost of a fight is 150 calories for each fighter. As before, assume that when two fighters meet, each is equally likely to win the fight and get the food or to lose and get no food. i. Draw the payoff table for the game played between two random players from this population. ii. Find all the evolutionarily stable strategies in the population. Check for pure strategies as well as mixed strategies. iii. What type of game is being played in this case?
Answers
A. i. Payoff table:
| Share | Fight
Share | 100, 100 | -50, 200
Fight | 200, -50 | 0, 0
ii. ESS: Share is the only pure strategy ESS.
iii. Coordination game.
B. i. Payoff table:
| Share | Fight
Share | 25, 25 | -150, 200
Fight | 200, -150 | 0, 0
ii. ESS: Fight is the only pure strategy ESS.
iii. Prisoner's dilemma.
In the context of a game, a strategy refers to a plan of action or decision-making approach that a player adopts to achieve their objectives. Strategies are designed to maximize the player's payoff or utility in the game, considering the actions and decisions of other players.
A strategy can be a specific action, a sequence of actions, or a set of rules that dictate the player's choices in different game situations. It may involve various elements such as cooperation, competition, risk-taking, or deception, depending on the nature of the game.
Strategies can be classified as pure strategies, where a player chooses a specific action with certainty, or mixed strategies, where a player randomizes their choices based on certain probabilities.
The effectiveness of a strategy is often evaluated based on its ability to achieve favorable outcomes in the game, taking into account the actions of other players and the overall game dynamics.
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Mary is earning a weekly salary of $521.60 as a payroll clerk. She has accepted a new assignment in the tax-processing department. In her new position, she will be paid an annual salary of $30,534.00. How much more would she earn per week in her new position?
Answers
Answer:
$65.60
Explanation:
Mary's current is $521.60.
In her new position, she will be earning $30,534.00. Her new weekly income will be as follows. Assuming one year has 52 weeks.
New pay = $30,534.00/ 52
New pay =587.20
In her new job, she will earn more by( $587.20 - $521.60.) =$65.60
=$65.60
What is meant by monopolistic competition market in economics give examples?
Answers
When numerous businesses provide competing goods or services that are comparable but not exact alternatives, monopolistic competition develops.
When numerous businesses provide competing goods or services that are comparable but not exact alternatives, monopolistic competition develops. Clothing and hair salons are two examples of sectors with monopolistic competition. An illustration of a monopolistically competitive market is the restaurant sector, which is present nationwide. Most places have a large number of businesses, all of which are unique, and entry is simple. Each product has a number of comparable alternatives that are offered by various businesses, including other eateries and fast-food joints.
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The sales and operations planning strategy to be used should be consistent with the business environment. Which one of the following pairs of business environment and strategy is consistent?High availability of workersLow inventory holding cost; build anticipation inventorymaster production schedule
Answers
The consistent pair of business environment and strategy is option D. Seasonal requirements and ample, unskilled labor supply; subcontracting.
In a business environment where seasonal requirements exist, meaning there are predictable periods of high demand followed by low demand, and there is an ample supply of unskilled labor, subcontracting is a suitable sales and operations planning strategy.
During seasonal peaks, when demand is high, subcontracting allows a company to supplement its workforce quickly and efficiently. By outsourcing some of the production or service activities to subcontractors, the company can effectively meet the increased demand without the need to hire and train a large number of additional employees. This approach provides flexibility and cost-effectiveness, as subcontracting enables the company to scale up its operations during peak seasons and scale down when demand decreases.
Additionally, when there is an ample supply of unskilled labor, subcontracting allows the company to tap into this resource pool. Instead of investing in training and retaining a large permanent workforce, subcontracting provides access to readily available unskilled labor, which can be more cost-effective and efficient for meeting temporary demand surges during specific seasons.
By leveraging subcontracting as a strategy in this specific business environment, the company can align its operations with the cyclical nature of demand while optimizing its use of available labor resources. This approach ensures that the company can effectively manage fluctuations in demand, maintain flexibility, and control costs, ultimately contributing to improved overall operational performance. Therefore, the correct option is D.
The question was incomplete, Find the full content below:
The sales and operations planning strategy to be used should be consistent with the business environment. Which one of the following pairs of business environment and strategy is consistent?
a. Skilled labor in short supply; adjust workforce levels
b. Low inventory holding cost; build anticipation inventory
c. Ample labor supply; increase backlog for short-term demand surges
d. Seasonal requirements and ample, unskilled labor supply; subcontracting
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A text-based file used by Web sites to obtain information about a user, such as the user's name, the user's password to access the site, and information about how to customize the Web page display.
Answers
The text-based file that you are referring to is called a "cookie." Cookies are small pieces of data that are sent from a website to a user's browser, where they are stored on the user's computer.
Cookies are used to help websites remember information about the user, such as their preferences or login information, which can then be used to customize the user's experience on the site.
Cookies are an important tool for website owners, as they can help to improve the user experience by making it easier for users to navigate the site and access the information they need. However, some users may be concerned about their privacy when it comes to cookies, as they can potentially be used to track a user's online activity.
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Frank is an employee of guitar makers, llc. guitar's employee manual states that workers, such as frank, will be dismissed only for good cause. with respect to the employment-at-will doctrine, this is
Answers
Answer: An exception based on contract theory.
Explanation:
Contract theory is an agreement reached by two parties over a set of deal to be entered, these negotiation met guides what the agreement is all about, violators of the agreement would attract extra bodies(Law makers) to come into their decision. At Ilc, if the guitar producers only release their workers based on good cause, it's seen as a contract theory, based on what both parties agreed.
you work for an analyst in industry x, which has high entry costss and has companies that off highlt differenitated products, which of the following forces would you tell your ceo to worry about the most?
A. subtitute goods
B. supplier
C. rivalry
D. new entrants
E. buyer
Answers
The force that you should tell your CEO to worry about the most in this situation is C. rivalry. Rivalry is a major force in industries with high entry costs and companies that offer highly differentiated products. This is because there is a lot of competition between companies to attract customers and maintain a competitive advantage.
In order to stay ahead of the competition, companies need to constantly innovate and improve their products, which can be costly and time-consuming. Additionally, companies may need to engage in aggressive marketing and advertising campaigns to attract customers and maintain their market share.
Overall, rivalry is a major force that companies in industry x need to be aware of and should be prepared to address in order to remain competitive and successful. Hence, The force that you should tell your CEO to worry about the most in this situation is C. rivalry
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A company issued 6,000 shares of stock at $10 each, with a par value of $2.
What amount is debited as Cash?
A. $6,000
B. $66,000
C. $30,000
D. $72,000
Answers
Answer:
A. 6,000
Explanation:
trust
Peter is planning his finances for the next couple of years. He wants to save money to eventually buy a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down payment
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the________
phase of the financial life cycle.
Fill in the blank
Answers
Answer:
Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer
Explanation:
Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer
Executives at Mutual of Omaha would consider which of the following a "Value for Success"?
A) focus on profits
B) focus on hierarchy
C) focus on order
D) focus on customers
E) focus on sales
Answers
Based on Mutual of Omaha's values and mission statement, executives at the company would consider "focus on customers" a "Value for Success."
Mutual of Omaha is a mutual insurance company that provides a range of insurance and financial products to its customers. The company's mission statement emphasizes its commitment to "helping customers protect what they care about and achieve their financial goals," and its values include integrity, excellence, accountability, and respect for customers.
By focusing on customers, Mutual of Omaha aims to build strong relationships with its policyholders and provide them with high-quality, personalized service. This includes listening to their needs, understanding their concerns, and providing them with the information and support they need to make informed decisions about their insurance and financial planning.
In addition to benefiting customers, a focus on customers can also benefit the company itself by promoting customer loyalty, driving repeat business, and enhancing the company's reputation for excellence and integrity.
While profits, hierarchy, order, and sales are all important considerations for a successful business, Mutual of Omaha's values and mission statement prioritize the needs and interests of its customers above all else.
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Marcus is considering which college major to choose. In taking a rational approach, Marcus should consider
Answers
Answer:
Science or physics.
Explanation:
You didn't give us the choices
when economists talk about a demand schedule for a product, they mean
Answers
When economists talk about a demand schedule for a product, they mean a table or chart that shows the quantity of a product that consumers are willing and able to buy at different price levels.
Demand schedule: A demand schedule is a fundamental concept in economics that represents the relationship between the price of a product and the quantity demanded by consumers. It provides a snapshot of consumer behavior and their willingness to purchase a product at various price points.
Price and quantity relationship: The demand schedule typically lists different price levels in one column and the corresponding quantity demanded in another column. As the price of a product increases, the quantity demanded generally decreases, and vice versa, assuming other factors remain constant (ceteris paribus).
Example demand schedule: Let's consider an example of a demand schedule for a product, assuming no other factors influencing demand change:
Price (in USD) Quantity Demanded
$10 100 units
$8 150 units
$6 200 units
$4 250 units
$2 300 units
In this example, as the price decreases from $10 to $2, the quantity demanded increases from 100 units to 300 units. This inverse relationship between price and quantity demanded is known as the law of demand.
A demand schedule in economics refers to a table or chart that illustrates the quantity of a product that consumers are willing and able to buy at different price levels. It helps economists analyze the responsiveness of consumer demand to changes in price and forms the basis for understanding market dynamics and pricing strategies. By examining the demand schedule, economists can observe the relationship between price and quantity demanded, and make predictions about consumer behavior and market outcomes.
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Economic classes
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How can the government be both a producer and a consumer in respect to its relationship with business
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