_____ Refers to the Most Long-Range Planning, Typically Looking Three

question 60

Multiple Choice

_____ refers to the most long-range planning, typically looking three years or more into the future and setting a plan for how best to position the organization to compete effectively in the environment.

• A)Organizational design
• B)Organizing
• C)Operational planning
• D)Tactical planning
• E)Strategic planning

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Definitions:

Elasticity Coefficient

A measure of how much the quantity demanded or supplied of a good responds to a change in price, income, or another economic factor.

Resource Demand

The desire and ability of producers to acquire resources at various prices, which are necessary for production of goods and services.

Labor Cost

The total expense incurred by employers for wages, salaries, and benefits paid to their employees.

Total Cost Ratio

The sum of all costs, both fixed and variable, associated with producing goods or services, divided by the quantity produced.