The Basic Problem Addressed in Economics Is

question 159

Multiple Choice

The basic problem addressed in economics is

• A) scarce resources and unlimited wants
• B) scarce wants and unlimited resources
• C) cost minimization
• D) how to manage a financial portfolio
• E) unlimited time and unlimited potential

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Definitions:

M-Form

Stands for the Multidivisional Form, a type of organizational structure where a company is divided into semi-autonomous units or divisions, each with its own responsibilities for profit and loss.

Bureaucracy

An organizational structure characterized by standardized procedures, hierarchy of authority, and formalized rules, often in governmental or large organizations.

Mechanistic Organization

A type of organizational structure that is hierarchical and bureaucratic, emphasizing a clear chain of command, specialized tasks, and centralized decision making.

Organic Organization

A flexible and informal organizational structure that allows for quick adaptation to changes, characterized by low levels of hierarchy and high levels of horizontal communication.