Quiz #4 Study Guide Chapter 16 What are the 3 views of the supply curve (describe & illustrate) Keynesian view: AD is horizontal‚ a shift to the right in recession increases Q but not P. inflation becomes problem only after AD shifts past Q*‚ the production capacity MONETARIST VIEW: changes in money supply affect prices‚ not output‚ AD shift to right increases inflation‚ AS is a long-run concept and is vertical CONSENSUS VIEW: economists see an AS curve with an upward slope that increases
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Economics Final Exam Study Guide 1. Manufactured goods needed to produce other goods and services are called what? Capital goods 2. The study of economics is important because it enables us to make choices. 3. What is GDP? Gross Domestic Product 4. What is a production possibilities frontier used for? Showing all the possible combinations of any two goods and services that can be produced using available resources and technology. 5. Know the four factors of production and be able to recognize
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BUSINESS POLICY AND STRATEGIC MANAGEMENT Definitions “Business policy is one which focuses attention on strategic allocation of scarce resources – human‚ financial‚ physical and intangible. Conceptually speaking strategy is the direction of such resource allocation and policy is the time of allocation.”-Rodgers “It is a unified‚ comprehensive and integrated planning designed to assure that the objectives of the organization are achieved.”In simple words strategy is a package of measures
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Forms of Business Organization Western Governors University The study of business organization is a study of complexity: as each business is different‚ each form of business organization is also unique. From a local hot-dog vendor to a trucking company‚ from a restaurant to a multinational‚ each business has different legal‚ moral and ethical concerns‚ and there is no "one-size-fits-all" approach to determine how a business should best be organized. Take the first two businesses
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1A) What is the definition of opportunity cost? The best alternative that we forgo‚ or give up‚ when we make a choice or a decision is called the opportunity cost of that decision. 1B) Eason wants to spend $15 to buy a pack of sandwiches or a bowl of fish-ball noodles form a street hawker. Explain the effect on Eason’s opportunity cost of buying the sandwiches if a cockroach is found inside the noodle soup. Eason’s opportunity cost of buying the sandwiches is a bowl of fish-ball noodles‚ however
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Conflicting Goals in Economic Growth Goals of monetary policy are to "promote maximum employment‚ inflation (stabilizing prices)‚ and economic growth." If economists believe it’s possible to achieve all the goals at once‚ the goals are inconsistent. There are limitations to monetary policy. The term "maximum employment" means that we should try to hold the unemployment rate as low as possible without pushing it below what economists call the natural rate or the full- employment
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Code Subject Title Area Credits 1 COM 625 Accounting Theory Acc & Fin 3 2 COM 600 Managerial Economics Gen. Mgmt 3 3 COM 626 Financial Management Acc & Fin 3 4 COM 601 Quantitative Techniques Gen. Mgmt. 3 5 COM 620 Marketing Management MM 3 6 COM 602 Economic Environment of Business Gen. Mgmt. 3 7 COM 615 Organizational Behavior OLS 3 GM = General Management; Acc. & Fin. = Accounting
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Introduction A very usual form to face the personnel decisions search is to hope that a vacancy takes place. This method‚ that can be effective for small companies‚ it will not be very useful in complex organizations that require personnel with very specific characteristics. Therefore in large and complex companies it is best to forecast future needs of employees (Smith‚ Boroski‚ & Davis‚ 1992). By Employment Planning‚ it will be understood all those activities of personnel that attempt
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The Association of Southeast Asian Nations is a geo-political and economic organization of ten countries located in Southeast Asia‚ which was formed on 8 August 1967 by Indonesia‚ Malaysia‚ the Philippines‚ Singapore and Thailand. Since then‚ membership has expanded to include Brunei‚ Burma (Myanmar)‚ Cambodia‚ Laos‚ and Vietnam. Its aims include accelerating economic growth‚ social progress‚ and cultural development among its members‚ protection of regional peace and stability‚ and opportunities
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HR as strategic Partner is gaining momentum as being one of the best way yet in making human resources as the most important asset in an organization. "Being a strategic partner" is understood as a long-term relationship to achieve defined objectives common to all partners. In the context of strategic human resource management‚ the HR function and activities are intended to ensure the organization ’s financial success. As partners your HR people and employees in the various areas of the organization
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