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SPMT 262 Exam 1 Questions and Answers
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SPMT 262 Exam 1 Questions and Answers
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SPMT 262 Exam 1Human Capital - Answer -- The employees of an organization
- The economic value that comes from things like the worker's, experiences, skills knowledge and
abilities
Social Captital - Answer -A set of shared values that allows individuals to work together in a group to
effectively achieve a common purpose
Human Capital is an? - Answer -Intangible assent, unlike tangible assets like. building and equipment.
However, both tangible and intangible assets have economic value
Human capital assets that bring economic value - Answer -- The employees physical and mental health
- Persons values and beliefs
- Work ethic
- Education
Human Capital Theory - Answer -Investment in individuals in the form of training, education, and well
being will lead to future positive returns
ESG company - Answer -Environmental, Social, and Corporate Governance refers to the three central
factors in measuring the sustainability and societal impact of an investment in a company or business
, Neoclassical Economics - Answer -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 - Answer -Assume that the most important factor in a products price is its cost of
production. Cost determines value
Physical Capital - Answer -Man-made goods that assist in the production process. Cash, real estate,
equipment, and inventory theory are examples of physical capital
Knowledge Management process - Answer -- Information: relates to description, definition, or
perspective
- Knowledge: compromises strategy, practice, method, or approach
- Wisdom: embodies principle, Insight, moral, or archetype
Explicit Knowledge - Answer -Codified knowledge found in documents, databases, etc.
Tacit Knowledge - Answer -Intuitive knowledge and know-how, which is rooted in context, experience,
practice and values
Product Function - Answer -Y = y(K,L)
L- persons hours, education training
K- Units of capital, physical capital
Y- Outputs, productivity
Marginal Productivity - Answer -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 - Answer -The forgone benefit that would have been derived by an option not chosen
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