An Effective Mission Statement Generates the Impression That a Firm

question 30

True/False

An effective mission statement generates the impression that a firm is successful,has direction,and is worthy of time,support and investment.

---

Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, effectively the value of the opportunity lost.

Import Commodities

Goods or services brought into one country from another for the purpose of trade.

Economic Organization

Structured arrangements within an economy that determine how resources are allocated, goods are produced, and services are distributed.

Socialism

A system of economic organization in which (1) the ownership and control of the basic means of production rest with the state and (2) resource allocation is determined by centralized planning rather than by market forces.