Economics
if demand goes down, what happens to the price?
also goes down
four basic functions in the management process
Planning, organizing, leading, motivating, and controlling
The ultimate objective of every firm must be
to satisfy needs of customers
total liabilities were subtracted from total assets, the residual value would be
owners' equity.
complete halt to trading with a particular nation is called
embargo
An equation for sales, expenses and profits
sales revenue − expenses = profit.
to encourage a more ethical climate in the organization do this
code of ethics that is enforced
you are not top management, you are charismatic and well liked and others see how you reacts to new policies and follow your lead. you have ____ leadership in your organization.
informal
Assets = liabilities + owners' equity is the equation for information reported on the
Balance sheet
reasons against having trade restrictions
loss of jobs; misallocation of international resources; restrict consumers' choices; higher prices
the "first" management function is
planning
the most effective way for a company to encourage ethical behavior?
Develop and enforce a written code of ethics for the organization.
the two managerial functions that compose the process of directing an organization are
motivating and leading.
government funds are among primary sources of funds available to a business [t/f]
false
definition of balance of trade
The total value of a nation's exports minus the total value of its imports over some period of time.
directing is made up of these two management functions
motivating and leading.
demographics affect the level of ethical behavior in an organization [t//f]
false
Management can achieve its goals by coordinating what four types of resources
Material, informational, human, and financial
Unlimited liability means
the owner is responsible for all business debts.
trade restrictions reduce competition and therefore cause an increase in prices [t/f]
true
economic system where individuals own most businesses
capitalism
one of the three sets of factors that influence the standards of behavior in an organization is
Opportunity, individual factors, social factors
Two useful tools for estimating the supply of needed human resources are the
replacement chart and skills inventory.
product modification is a stage in the evolution of a new product [t/f]
true
a key performance indicator a business may use to determine the success of its social media plan
number of likes, followers, views