Discuss Management by Objectives (MBO)

question 103

Essay

Discuss management by objectives (MBO).

---

Definitions:

Market Failure

A less than efficient allocation of resources.

Public Goods

Public goods refer to commodities or services that are made available to all members of a society, typically funded by the government, and characterized by non-excludability and non-rivalry in consumption.

Externalities

Consequences of an economic activity experienced by unrelated third parties; can be positive or negative.

Market Failure

A situation where the allocation of goods and services by a free market is not efficient, often justifying government intervention.