1
1. What is the main role of management?
B) To turn resources into coordinated
2. Why does management matter?
Resources can be wasted without coordination
3. Which of these is an important goal of management?
Efficiency
4. What does efficiency mean?
Using resources wisely
5. What does customer value mean?
Understanding customer needs
. What can help a business achieve growth?
Finding new markets
. How many main types of organizations are presented in the slide?
Four
Which is one of the four main types of organizations?
Households
What do households mainly do?
Buy goods and services
. What do households supply to the economy?
Labour
. Which can be a source of household income?
Wages
How does household demand affect firms?
It influences what firms produce
Which of the following is an example of household activity?
A student buys a laptop
. What are firms mainly responsible for?
Producing goods and services
. Which is an input for firms?
Labour
What happens during the production process?
Resources are organized to create a product or serviceB
What are outputs?
Goods or services offered to customers
What is revenue?
Money earned from sales
What are costs?
Money spent to operate a
What is the formula for profit?
Profit = Costs −Revenue
. What does the public sector provide?
Services for society
Who often owns, controls or funds public sector organizations?
Government
Which is an example of a public sector organization?
Public hospital
What is an important goal of the public sector?
Public welfare
Where can public sector funding come from?
Taxes