According to Robert Katz, the Essential Skills of Management Can

question 57

Multiple Choice

According to Robert Katz, the essential skills of management can be grouped into three categories. These categories are:

• A) communicative, technical and human.
• B) communicative, procedural and strategic.
• C) technical, human and conceptual.
• D) human, supervisory and conceptual.
• E) procedural, supervisory and strategic.

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Definitions:

Marginal Social Cost

The additional cost incurred by society as a whole due to the production of one extra unit of a good or service.

Socially Optimal

A state or outcome in which the total benefits to society are maximized, taking into account all costs and benefits, both private and external.

Artificially Scarce Good

A good that is made scarce through artificial means such as through intellectual property rights or monopoly pricing, despite its capacity for abundant supply.

External Cost

An uncompensated cost that an individual or firm imposes on others; also known as negative externality.