MGMT 2150 MID TERM PREP STUDY GUIDE
external factors - Answers - Economy, government, consumer trends and public
pressure to act as good corporate citizens.
Management - Answers - involves planning, organizing, staffing, directing, and
controlling resources to achieve organizational goals.
Operations - Answers - transforms resources (labor, materials, money, and so on) into
products.
Marketing - Answers - works to identify and satisfy customers needs.
Finance - Answers - involves planning for, obtaining and managing company funds.
Accounting - Answers - entails measuring , summarizing and communicating financial
and managerial information.
Free Market - Answers - known as capitalism. competition dictates how goods and
services will be allocated. limited government involvement.
Mixed market economy - Answers - relies on both markets and the government to
allocate resources.
Economics - Answers - is the study of the production, distribution, and consumption of
goods and services.
Monopolistic competition - Answers - have many sellers. They sell products that differ
somewhat. And the companies have limited control over price.
Oligopoly - Answers - means few sellers. companies have some control over prices they
charge. But not always because products can be very similar in the market.
Monopoly - Answers - only one seller in the market
Natural Monopoly - Answers - caused by high start up costs
Legal Monopoly - Answers - arises when a company receives a patent
Ethical Dilemmas - Answers - pick between two or more acceptable but often opposing
alternatives that are important to different groups.
Ethical Decision - Answers - right vs wrong decision
external factors - Answers - Economy, government, consumer trends and public
pressure to act as good corporate citizens.
Management - Answers - involves planning, organizing, staffing, directing, and
controlling resources to achieve organizational goals.
Operations - Answers - transforms resources (labor, materials, money, and so on) into
products.
Marketing - Answers - works to identify and satisfy customers needs.
Finance - Answers - involves planning for, obtaining and managing company funds.
Accounting - Answers - entails measuring , summarizing and communicating financial
and managerial information.
Free Market - Answers - known as capitalism. competition dictates how goods and
services will be allocated. limited government involvement.
Mixed market economy - Answers - relies on both markets and the government to
allocate resources.
Economics - Answers - is the study of the production, distribution, and consumption of
goods and services.
Monopolistic competition - Answers - have many sellers. They sell products that differ
somewhat. And the companies have limited control over price.
Oligopoly - Answers - means few sellers. companies have some control over prices they
charge. But not always because products can be very similar in the market.
Monopoly - Answers - only one seller in the market
Natural Monopoly - Answers - caused by high start up costs
Legal Monopoly - Answers - arises when a company receives a patent
Ethical Dilemmas - Answers - pick between two or more acceptable but often opposing
alternatives that are important to different groups.
Ethical Decision - Answers - right vs wrong decision
