Planning Gives Direction, Reduces the Impact of Change, Minimizes Waste

question 14

Multiple Choice

Planning gives direction, reduces the impact of change, minimizes waste and redundancy, and___________ .

• A) sets the standards used in controlling
• B) sets the basis used for promotion of individuals within the organization
• C) eliminates departments that are not needed within the plan
• D) establishes the workloads for each of the departments

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Definitions:

Capital Goods

Long-term assets such as buildings, machinery, and equipment purchased by businesses to produce goods and services.

Terms of Trade

The ratio of an index of a country's export prices to an index of its import prices, used to measure the relative trading advantage or disadvantage.

Consumption

The use of goods and services by households, constituting one of the primary components of GDP.

Developing Nations

Countries with a lower living standard, undeveloped industrial base, and low Human Development Index (HDI) relative to other countries.