This Forces Us to Allocate Resources

question 28

Multiple Choice

This forces us to allocate resources

• A)marginal benefits
• B)marginal costs
• C)economic resources
• D)scarcity

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Definitions:

Henri Fayol

A French engineer and theorist, known for his development of general theories in business administration and management.

Management Order

A directive issued by managers in an organization to guide or control the actions of teams or individuals toward achieving business objectives.

Bureaucracy

An organizational structure characterized by standardized procedures, hierarchical divisions, and a clear set of rules and regulations governing operations and decision-making.

Utilisation of Resources

The process of effectively using available resources, such as time, money, and materials, to achieve desired outcomes or objectives.