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In his 2012 book Seeing the Big Picture, Business Acumen to Build Your Credibility, Career, and Company, Kevin R. Cope states an individual who possesses business acumen views the business with an "executive mentality", with the ability to comprehend how the moving parts of a company work together to make to ensure success, and how financial metrics like profit margin, cash flow, and stock ...
Sensemaking or sense-making is the process by which people give meaning to their collective experiences. It has been defined as "the ongoing retrospective development of plausible images that rationalize what people are doing" ( Weick, Sutcliffe, & Obstfeld, 2005, p. 409 ).
Deloitte argued that employees displayed greater sense of purpose, inspiration, and contribution. Also, leaders became more tolerant of employees' failure because of a significant increase in experimentation and risk-taking. [49] Daum and Maraist claimed that sense of purpose relates to customers and the society of which employees are part.
With some models, a firm's implementation of CSR goes beyond compliance with regulatory requirements and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law". [8] Furthermore, businesses may engage in CSR for strategic or ethical purposes.
In economics, the profit motive is the motivation of firms that operate so as to maximize their profits.Mainstream microeconomic theory posits that the ultimate goal of a business is "to make money" - not in the sense of increasing the firm's stock of means of payment (which is usually kept to a necessary minimum because means of payment incur costs, i.e. interest or foregone yields), but in ...
A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. [2]
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In psychology, meaning-making is the process of how people construe, understand, or make sense of life events, relationships, and the self. [1] The term is widely used in constructivist approaches to counseling psychology and psychotherapy, [2] especially during bereavement in which people attribute some sort of meaning to an experienced death ...