Economic Models Are Used to

question 38

Multiple Choice

Economic models are used to

• A) explain every detail of an economic theory.
• B) explore decision making by individuals, firms and other organizations.
• C) build physical renditions of government construction projects.
• D) represent the complexities of economic environments.

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Definitions:

Functional Structure

A form of organization where the company is divided into departments each handling activities related to a particular function such as marketing, production, or human resources.

Divisional Structure

An organizational framework where operations are divided into semi-autonomous divisions, each responsible for its own product lines, operations, and resources.

Specific Skills

Specialized abilities and knowledge that are acquired through training or experience and are necessary for a particular job or activity.

Flatter Organizational Structures

Organizational structures characterized by fewer hierarchical levels, leading to shorter chains of command and potentially greater flexibility and employee empowerment.