LSUS MBA 701 Exam 1
Study online at https://quizlet.com/_d8tged
1. manager someone that directs resources to
achieve a goal
2. directs the efforts of others, purchases inputs what does a manager do?
used in the production of the firms output, di-
rects other decisions like the product price and
quality and construct incentives to induce max-
imal effort from employees
3. economics the science of making decisions in
the presence of scarce resources
4. resources anything used to produce a good or
service or achieve a goal
5. scarcity implies trade offs why are decisions important in eco-
nomics?
6. managerial economics the study of how to direct scare re-
sources in the way that most effi-
ciently achieves a managerial goal
7. how many employees should be hired and how example of managerial accounting
they should be compensated, how many prod-
ucts to produce and sold at what price, should a
firm make or buy components of products
8. identify goals and constraints, recognize the the 7 principles of effective manage-
nature and importance of profits, understand rial decision making
incentives, understand markets, recognize the
time value of money, use marginal analysis and
make data driven decisions
1/7
, LSUS MBA 701 Exam 1
Study online at https://quizlet.com/_d8tged
9. to maximize profits what should a firms overall goal be?
10. available technology and prices of inputs used what are examples of some con-
in production straints?
11. accounting profit total amount of money from sales
(revenue) minus the dollar cost of
producing the goods or services
12. economic profit the difference between total revenue
and total opportunity cost
13. opportunity cost the explicit cost of a resource plus
the implicit cost of giving up its best
alternative
14. they signal to resource holders where resources what is the role of profits
are most highly valued by society
15. an incentive to alter their use of resources what to changes in profits provide to
resource holders?
16. how resources are used and how hard workers what do incentives impact within a
work firm?
17. buyer and seller two sides to every market transaction
18. consumer-producer rivalry, consumer-con- what is the bargaining position of
sumer rivalry and producer-producer rivalry consumers and producers limited by
in economic transactions?
19. True T or F: often a gap exists between
the time when costs are incurred and
when benefits are received
2/7
Study online at https://quizlet.com/_d8tged
1. manager someone that directs resources to
achieve a goal
2. directs the efforts of others, purchases inputs what does a manager do?
used in the production of the firms output, di-
rects other decisions like the product price and
quality and construct incentives to induce max-
imal effort from employees
3. economics the science of making decisions in
the presence of scarce resources
4. resources anything used to produce a good or
service or achieve a goal
5. scarcity implies trade offs why are decisions important in eco-
nomics?
6. managerial economics the study of how to direct scare re-
sources in the way that most effi-
ciently achieves a managerial goal
7. how many employees should be hired and how example of managerial accounting
they should be compensated, how many prod-
ucts to produce and sold at what price, should a
firm make or buy components of products
8. identify goals and constraints, recognize the the 7 principles of effective manage-
nature and importance of profits, understand rial decision making
incentives, understand markets, recognize the
time value of money, use marginal analysis and
make data driven decisions
1/7
, LSUS MBA 701 Exam 1
Study online at https://quizlet.com/_d8tged
9. to maximize profits what should a firms overall goal be?
10. available technology and prices of inputs used what are examples of some con-
in production straints?
11. accounting profit total amount of money from sales
(revenue) minus the dollar cost of
producing the goods or services
12. economic profit the difference between total revenue
and total opportunity cost
13. opportunity cost the explicit cost of a resource plus
the implicit cost of giving up its best
alternative
14. they signal to resource holders where resources what is the role of profits
are most highly valued by society
15. an incentive to alter their use of resources what to changes in profits provide to
resource holders?
16. how resources are used and how hard workers what do incentives impact within a
work firm?
17. buyer and seller two sides to every market transaction
18. consumer-producer rivalry, consumer-con- what is the bargaining position of
sumer rivalry and producer-producer rivalry consumers and producers limited by
in economic transactions?
19. True T or F: often a gap exists between
the time when costs are incurred and
when benefits are received
2/7
