Describe the Three Basic Types of Management Skills, and Relate

question 163

Essay

Describe the three basic types of management skills, and relate these skills to the tasks performed by different levels of management.

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Definitions:

Factor Inputs

The resources used in the production of goods and services, such as labor, land, and capital.

Long Run

A period in economics where all factors of production and costs are variable, allowing all inputs to be adjusted.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to expand its output.

Isoquants

A curve representing all combinations of inputs that give the same level of output.