What Is Management

question 33

Multiple Choice

What is management?

• A) Management is supervising employees.
• B) Management involves making decisions and controlling costs.
• C) Management is the process of achieving organizational objectives through people and other resources.
• D) Management is the process of reporting organizational successes and failures to investors and others.

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Definitions:

Production Function

A mathematical representation that explains how inputs in production are related to the goods or services produced.

Proportions

Ratios or fractions that express the relationship of one part to another or to the whole with respect to quantity, size, or amount.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Production Function

A mathematical expression that describes the relationship between input factors of production (like labor and capital) and the output of goods or services.