Define the Following Terms

question 219

Essay

Define the following terms. Give a complete and precise definition in one sentence.
a.
total utility
b.
marginal utility
c.
consumer's surplus
d.
"law" of demand

---

Definitions:

Machine Bureaucracy

A highly structured form of organization characterized by a high degree of formalization and standardization, making operations predictable and efficient.

Central Management Direction

highlights a leadership approach where central figures or bodies within an organization dictate policies and strategies, streamlining decision-making processes.

Formal Structures

The officially designated channels of communication and division of responsibilities within an organization.

Policies

Established guidelines, rules, or principles that dictate how an organization’s affairs should be conducted, directing both strategy and operations.