According to Henri Fayol, the Five Elements of Classical Management

question 34

True/False

According to Henri Fayol, the five elements of classical management are planning, organizing, commanding, coordinating, and controlling.

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Definitions:

Legally Binding

A term describing agreements or contracts that are enforceable by law, meaning parties must abide by the terms or face legal consequences.

Source of Law

The origin from which a particular legal rule or principle derives, such as a constitution, statute, court decision, or executive order.

Downward Sloping Demand

A characteristic of most demand curves, indicating that as the price of a good decreases, the quantity demanded increases.

Monopoly Power

The ability of a single supplier to control the market prices and output of a good or service, due to lack of competition.