competency

competency1. Any of the skills, talents, and traits required to be able to perform a particular task to a given standard. The assessment of competencies is central to various key aspects of human resources management: setting standards of performance that can be expected from employees and appraising them against such standards; assessing the training and development needs of individual employees; and identifying the skills, abilities, and characteristics needed when recruiting and selecting new employees. competition Rivalry between suppliers providing goods or services for a market. The consensus of most economic theory is that competition is beneficial for the public, largely because it brings prices down. Governments usually pursue policies aimed at increasing competition in markets, although there may sometimes be a conflict between policies that increase competition and those that promote the national interest. Seemonopolistic competition; perfect competition.

• total absorption costing
• total market demand
• total productive management
• total profits
• total quality management
• total return
• total standard cost
• total standard production cost
• TPM
• TQM
• tracker fund
• tracking stock
• trade
• trade agreement
• trade association
• trade barrier
• trade bill
• trade bloc
• trade credit
• trade creditor
• trade cycle
• trade discount
• trade dispute
• traded option
• trade gap