SPMT 262 Exam 1 |QUESTIONS/ANSWERS
(VERIFIED AND WELL DETAILED ANSWERS) LATEST
UPDATE 2024/2025
Neoclassical Economics - ✔✔Argue that the consumers perception of a products
value is the driving factor in its price. Supply and Demand determines value
- They call the difference between actual production costs and retail price the economic
surplus
Classical Economics - ✔✔Assume that the most important factor in a products price is
its cost of production. Cost determines value
Physical Capital - ✔✔Man-made goods that assist in the production process. Cash,
real estate, equipment, and inventory theory are examples of physical capital
Knowledge Management process - ✔✔- Information: relates to description,
definition, or perspective
- Knowledge: compromises strategy, practice, method, or approach
- Wisdom: embodies principle, Insight, moral, or archetype
Explicit Knowledge - ✔✔Codified knowledge found in documents, databases, etc.
Tacit Knowledge - ✔✔Intuitive knowledge and know-how, which is rooted in context,
experience, practice and values
Product Function - ✔✔Y = y(K,L)
, L- persons hours, education training
K- Units of capital, physical capital
Y- Outputs, productivity
Marginal Productivity - ✔✔Refers to the additional amount produced when you add
one additional unit of a particular factor, such as an additional man hour of labor
Opportunity Cost - ✔✔The forgone benefit that would have been derived by an
option not chosen
Human Resources - ✔✔Charged with finding, screening, recruiting, and training job
applicants, as well as administering employee-benefit programs
HR responsibilities - ✔✔Include compensation and benefits, recruitment, firing, and
keeping up to date with any laws that may affect the company and it employees
Human Capital Management - ✔✔The collection of organizational practices related
to the acquisition, management, and development of the human workforce within an
organization
Goal of HCM - ✔✔To optimize and maximize the economic, or business, value of an
organizations human capital in order to gain a competitive advantage
Human Resource Management - ✔✔A comprehensive approach to managing
employees and an organizations culture and environment. It focuses on the
recruitment, management, and general direction of the people who work in an
organization
(VERIFIED AND WELL DETAILED ANSWERS) LATEST
UPDATE 2024/2025
Neoclassical Economics - ✔✔Argue that the consumers perception of a products
value is the driving factor in its price. Supply and Demand determines value
- They call the difference between actual production costs and retail price the economic
surplus
Classical Economics - ✔✔Assume that the most important factor in a products price is
its cost of production. Cost determines value
Physical Capital - ✔✔Man-made goods that assist in the production process. Cash,
real estate, equipment, and inventory theory are examples of physical capital
Knowledge Management process - ✔✔- Information: relates to description,
definition, or perspective
- Knowledge: compromises strategy, practice, method, or approach
- Wisdom: embodies principle, Insight, moral, or archetype
Explicit Knowledge - ✔✔Codified knowledge found in documents, databases, etc.
Tacit Knowledge - ✔✔Intuitive knowledge and know-how, which is rooted in context,
experience, practice and values
Product Function - ✔✔Y = y(K,L)
, L- persons hours, education training
K- Units of capital, physical capital
Y- Outputs, productivity
Marginal Productivity - ✔✔Refers to the additional amount produced when you add
one additional unit of a particular factor, such as an additional man hour of labor
Opportunity Cost - ✔✔The forgone benefit that would have been derived by an
option not chosen
Human Resources - ✔✔Charged with finding, screening, recruiting, and training job
applicants, as well as administering employee-benefit programs
HR responsibilities - ✔✔Include compensation and benefits, recruitment, firing, and
keeping up to date with any laws that may affect the company and it employees
Human Capital Management - ✔✔The collection of organizational practices related
to the acquisition, management, and development of the human workforce within an
organization
Goal of HCM - ✔✔To optimize and maximize the economic, or business, value of an
organizations human capital in order to gain a competitive advantage
Human Resource Management - ✔✔A comprehensive approach to managing
employees and an organizations culture and environment. It focuses on the
recruitment, management, and general direction of the people who work in an
organization
