LSUS MBA 701 EXAM 1 NEWEST 2026 WITH QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED) | GRADED A+ | LATEST UPDATE 2026/2027.

LSUS MBA 701 EXAM 1 NEWEST 2026 WITH QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED) | GRADED A+ | LATEST UPDATE 2026/2027. manager -CORRECTANSWER 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 -CORRECTANSWER what does a manager do? economics -CORRECTANSWER the science of making decisions in the presence of scarce resources resources -CORRECTANSWER anything used to produce a good or service or achieve a goal scarcity implies trade offs -CORRECTANSWER why are decisions important in economics? 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 - CORRECTANSWER example of managerial accounting to maximize profits -CORRECTANSWER what should a firms overall goal be? available technology and prices of inputs used in production CORRECTANSWER what are examples of some constraints? managerial economics -CORRECTANSWER the study of how to direct scare resources in the way that most efficiently achieves a managerial goal accounting profit -CORRECTANSWER total amount of money from sales (revenue) minus the dollar cost of producing the goods or services 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 -CORRECTANSWER the 7 principles of effective managerial decision making