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Economic Concepts Worksheet 4

Economic Concepts Worksheet

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Title: Economic Concepts Worksheet

Essay Details:

Subject: Miscellaneous

Author: John W

Date: April 15, 2017

Level: University

Grade: A

Length: 4 / 1017

Essay text:

In order to make up for this loss of revenue, the company has laid off a large number of employees. At the same time the company is moving from traditional products and services to new products and services. The employees remaining with the company are being required to take on more projects and new tasks that they are not necessarily trained or skilled at completing. Because of this skill set mismatch within the workforce the company pays more for the new products as services as it increases production. "The law of increasing opportunity costs: The more of a product that is produced, the greater is its opportunity cost" (McConnell & Brue, 2004, Chap...

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