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LSUS MBA 701 Exam 1 Test Questions And Correct Answers

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LSUS MBA 701 Exam 1 Test Questions And Correct Answers 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? 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

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