In Order to Write a Concise Statement of the Organization's

question 75

Essay

In order to write a concise statement of the organization's mission,a manager must first answer the question: "What business are we in and what business should we be in?" Discuss the three question areas that must be answered by a manager in order to define the organization's business,and write a mission statement.

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Definitions:

Loanable Funds Market

A theoretical market where borrowers and lenders interact to determine the interest rate and the quantity of loanable funds exchanged.

Real Interest Rate

The rate of interest an investor expects to receive after allowing for inflation, representing the true cost of borrowing.

National Saving

The sum of savings made by both individuals and the government within a country, crucial for financing national investments.

Real Exchange Rate

An exchange rate that has been adjusted to reflect the purchasing power of different currencies.