LSUS MBA 701 Exam 1 with answers
someone that directs resources to achieve a goal - CORRECT ANSWERS
✔✔manager
what does a manager do? - CORRECT ANSWERS ✔✔directs the efforts of
others, purchases inputs used in the production of the firms output, directs
other decisions like the product price and quality and construct incentives to
induce maximal effort from employees
the science of making decisions in the presence of scarce resources -
CORRECT ANSWERS ✔✔economics
anything used to produce a good or service or achieve a goal - CORRECT
ANSWERS ✔✔resources
why are decisions important in economics? - CORRECT ANSWERS
✔✔scarcity implies trade offs
the study of how to direct scare resources in the way that most efficiently
achieves a managerial goal - CORRECT ANSWERS ✔✔managerial economics
example of managerial accounting - CORRECT ANSWERS ✔✔how many
employees should be hired and how they should be compensated, how many
, products to produce and sold at what price, should a firm make or buy
components of products
the 7 principles of effective managerial decision making - CORRECT
ANSWERS ✔✔identify goals and constraints, recognize the nature and
importance of profits, understand incentives, understand markets, recognize
the time value of money, use marginal analysis and make data driven decisions
what should a firms overall goal be? - CORRECT ANSWERS ✔✔to maximize
profits
what are examples of some constraints? - CORRECT ANSWERS ✔✔available
technology and prices of inputs used in production
total amount of money from sales (revenue) minus the dollar cost of producing
the goods or services - CORRECT ANSWERS ✔✔accounting profit
the difference between total revenue and total opportunity cost - CORRECT
ANSWERS ✔✔economic profit
the explicit cost of a resource plus the implicit cost of giving up its best
alternative - CORRECT ANSWERS ✔✔opportunity cost
what is the role of profits - CORRECT ANSWERS ✔✔they signal to resource
holders where resources are most highly valued by society
someone that directs resources to achieve a goal - CORRECT ANSWERS
✔✔manager
what does a manager do? - CORRECT ANSWERS ✔✔directs the efforts of
others, purchases inputs used in the production of the firms output, directs
other decisions like the product price and quality and construct incentives to
induce maximal effort from employees
the science of making decisions in the presence of scarce resources -
CORRECT ANSWERS ✔✔economics
anything used to produce a good or service or achieve a goal - CORRECT
ANSWERS ✔✔resources
why are decisions important in economics? - CORRECT ANSWERS
✔✔scarcity implies trade offs
the study of how to direct scare resources in the way that most efficiently
achieves a managerial goal - CORRECT ANSWERS ✔✔managerial economics
example of managerial accounting - CORRECT ANSWERS ✔✔how many
employees should be hired and how they should be compensated, how many
, products to produce and sold at what price, should a firm make or buy
components of products
the 7 principles of effective managerial decision making - CORRECT
ANSWERS ✔✔identify goals and constraints, recognize the nature and
importance of profits, understand incentives, understand markets, recognize
the time value of money, use marginal analysis and make data driven decisions
what should a firms overall goal be? - CORRECT ANSWERS ✔✔to maximize
profits
what are examples of some constraints? - CORRECT ANSWERS ✔✔available
technology and prices of inputs used in production
total amount of money from sales (revenue) minus the dollar cost of producing
the goods or services - CORRECT ANSWERS ✔✔accounting profit
the difference between total revenue and total opportunity cost - CORRECT
ANSWERS ✔✔economic profit
the explicit cost of a resource plus the implicit cost of giving up its best
alternative - CORRECT ANSWERS ✔✔opportunity cost
what is the role of profits - CORRECT ANSWERS ✔✔they signal to resource
holders where resources are most highly valued by society
