How Often Should an Organization Change Its Objectives

question 127

Multiple Choice

How often should an organization change its objectives?

• A) constantly
• B) infrequently
• C) every year
• D) every decade
• E) never

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Definitions:

Marginal Analysis

The examination of the benefits and costs of choosing one more or one less unit of a good or service.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of selling or renting them to others.

Interest Rate

The price, calculated as a percentage of the amount borrowed, that a lender charges a borrower for the use of their savings for one year.

Salary

A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.