WGU C201 Business Acumen Chapters 3 & 7: Economics and
Organizational Structure questions with verified answers
3 Key Elements to Organizations' Structure Ans✓✓✓ 1. Human interaction
2. Goal directed activities
3. Structure
5 Steps in the Decision Making Process Ans✓✓✓ 1. Recognize Problem or
Opportunity.
2. Develop Alternative Course of Action.
3. Evaluate Alternatives.
4. Select and Implement Chosen Alternative.
5. Follow up Determine Effectiveness of Decision.
5 Tips for Managing a Millennial Workforce Ans✓✓✓ 1. Provide structure,
leadership, guidance, feedback.
2. Utilize their optimistic outlook and build on their desire for teamwork.
*3. Listen to their ideas and cultivate innovation.
4. Offer work-life balance.
5. Let them know about career opportunities.
Capitalism Ans✓✓✓ Businesses are owned privately.
Companies and individuals can earn profits.
People have the right to choose a profession. There is more incentive to work
hard and innovate.
, Communism Ans✓✓✓ A system in which goods are owned in common and are
available to all as needed.
North Korea is an example. 95 % of goods produced are controlled by
government.
Conceptual Skills Ans✓✓✓ One of the three types of skills needed by managers.
These skills include the ability to see the big picture and how all of the parts fit
together.
Analyzing and interpreting information.
It's very important for top level managers to know how different departments
work together.
Consumer Price Index Ans✓✓✓ Used by government to track changes in price
levels.
Measures the monthly average change in prices of goods and services based on
market basket.
We measure this to find out if economy is stable.
Contingency Planning Ans✓✓✓ Requires input from all levels and sign off by top
level management.
Includes preparing for unforeseen business disruptions, such as major accidents,
natural disasters, and economic downturns.
Usually includes a chain of command for crisis management, assigning specific
functions to particular managers and employees in an emergency.
Customer Departmentalization Ans✓✓✓ Organized by different groups of
targeted customers.
Organizational Structure questions with verified answers
3 Key Elements to Organizations' Structure Ans✓✓✓ 1. Human interaction
2. Goal directed activities
3. Structure
5 Steps in the Decision Making Process Ans✓✓✓ 1. Recognize Problem or
Opportunity.
2. Develop Alternative Course of Action.
3. Evaluate Alternatives.
4. Select and Implement Chosen Alternative.
5. Follow up Determine Effectiveness of Decision.
5 Tips for Managing a Millennial Workforce Ans✓✓✓ 1. Provide structure,
leadership, guidance, feedback.
2. Utilize their optimistic outlook and build on their desire for teamwork.
*3. Listen to their ideas and cultivate innovation.
4. Offer work-life balance.
5. Let them know about career opportunities.
Capitalism Ans✓✓✓ Businesses are owned privately.
Companies and individuals can earn profits.
People have the right to choose a profession. There is more incentive to work
hard and innovate.
, Communism Ans✓✓✓ A system in which goods are owned in common and are
available to all as needed.
North Korea is an example. 95 % of goods produced are controlled by
government.
Conceptual Skills Ans✓✓✓ One of the three types of skills needed by managers.
These skills include the ability to see the big picture and how all of the parts fit
together.
Analyzing and interpreting information.
It's very important for top level managers to know how different departments
work together.
Consumer Price Index Ans✓✓✓ Used by government to track changes in price
levels.
Measures the monthly average change in prices of goods and services based on
market basket.
We measure this to find out if economy is stable.
Contingency Planning Ans✓✓✓ Requires input from all levels and sign off by top
level management.
Includes preparing for unforeseen business disruptions, such as major accidents,
natural disasters, and economic downturns.
Usually includes a chain of command for crisis management, assigning specific
functions to particular managers and employees in an emergency.
Customer Departmentalization Ans✓✓✓ Organized by different groups of
targeted customers.
