LSUS MBA 701 Exam 1 With 100% Correct Answers 2025/2026

LSUS MBA 701 Exam 1 With 100% Correct Answers 2025/2026 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 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?