LSUS MBA 701 Exam 1 NEWEST 2026 WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
Economics - ANSWER-the science of making decisions in the presence of scarce
resources
resources - ANSWER-anything used to produce a good or service or achieve a goal
scarcity implies trade offs - ANSWER-why are decisions important in economics?
managerial economics - ANSWER-the study of how to direct scare resources in the
way that most efficiently achieves a managerial goal
manager - ANSWER-someone that directs resources to achieve a goal
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 - ANSWER-what does a manager
do?
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 - ANSWER-example of managerial accounting
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 - ANSWER-the 7 principles of
effective managerial decision making
to maximize profits - ANSWER-what should a firms overall goal be?
available technology and prices of inputs used in production - ANSWER-what are
examples of some constraints?
accounting profit - ANSWER-total amount of money from sales (revenue) minus the
dollar cost of producing the goods or services
economic profit - ANSWER-the difference between total revenue and total
opportunity cost
opportunity cost - ANSWER-the explicit cost of a resource plus the implicit cost of
giving up its best alternative
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
Economics - ANSWER-the science of making decisions in the presence of scarce
resources
resources - ANSWER-anything used to produce a good or service or achieve a goal
scarcity implies trade offs - ANSWER-why are decisions important in economics?
managerial economics - ANSWER-the study of how to direct scare resources in the
way that most efficiently achieves a managerial goal
manager - ANSWER-someone that directs resources to achieve a goal
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 - ANSWER-what does a manager
do?
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 - ANSWER-example of managerial accounting
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 - ANSWER-the 7 principles of
effective managerial decision making
to maximize profits - ANSWER-what should a firms overall goal be?
available technology and prices of inputs used in production - ANSWER-what are
examples of some constraints?
accounting profit - ANSWER-total amount of money from sales (revenue) minus the
dollar cost of producing the goods or services
economic profit - ANSWER-the difference between total revenue and total
opportunity cost
opportunity cost - ANSWER-the explicit cost of a resource plus the implicit cost of
giving up its best alternative
