Changing Nature of Business
The term used to describe the ability to achieve a desired result without wasted energy, for example producing goods/services quickly and at a low cost.
Efficiency
Who first identified cyclical patterns in the economy and created what is often referred to as “the business cycle”?
Clemente Juglar
What structures are laid-back and undefined.
Informal
The principle in which positions are organized by authority or rank.
Chain of Command
Requires an individual to complete the same small task over and over again in order to contribute to a final project.
Work Specialization
What term is used to describe he ability to cause a desired or intended result, for example, the ability to offer goods/services consumers want?
Effectiveness
Which part of the business cycle occurs when persistent increases in the key measurements of aggregate economic activities are present
Growth
What structure is composed of self-contained units or divisions.
Divisional
Occurs when decisions are made by the individuals who are the closest to the problem.
Decentralization
This type of authority gives the supervisor the right to direct the work of his or her employees without consulting othe.
This type of competition occurs when businesses from different countries compete to sell products and services to consumers around the world.
Global competition.
Measurement of physical output for each unit of input used, usually referring to labor hours
Productivity
What is an assembly line an example of?
Work specialization
Involves grouping of individuals into departments based on different tasks?
Functional departmentalization
This type of authority allows input and suggestions from additional staff members, but does not guarantee implementation.
Staff Authority
Businesses use this to produce goods and services faster, more accurately, and often at a lower cost, while also helping employees communicate around the world.
Workplace technology
List the 4 stages of the business cycle.
Expansion, Peak, Recession, Trough
Which business structure consists entirely of work groups and teams which perform an organization's work?
Team-based structure
Groups activities based on work or customer flow.
Process departmentalization
This type of authority can create problems of overlapping authority.
Functional Authority
A company studies customer buying habits, gathers consumer feedback, tests new products, and adds features to existing products to achieve this goal.
Effectiveness
What cycle does this describe: Increase in sales results in increase in production which causes increase in employment leading to increased income which starts the cycle over again
virtuous cycle
Authority is shared between two supervisors in which business structure?
Matrix organization
Divides employees into eastern, southern, western and central regions.
Geographic departmentalization
List the correct order of organizational levels.
Operative employees, supervisors, middle managers, top management