The Planning/control Cycle Has Two Control Steps: (1) Control the Direction

question 91

Multiple Choice

The planning/control cycle has two control steps: (1) control the direction by comparing results with the plan and (2) control the direction by taking corrective action in two ways-namely, by

• A) receiving feedback, and, if needed, making new plans.
• B) researching ways to plan better and increasing profits.
• C) increasing organization synergy and diversity.
• D) correcting deviations in the plan being carried out or improving future plans.
• E) improving future plans, and, if needed, cutting costs.

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Definitions:

Aggregate Demand

The total demand for all goods and services within an economy at a given overall price level and in a given time period.

Demand Function

A mathematical expression that describes the relationship between the quantity of a good demanded and its price, along with other factors such as income and prices of related goods.

Market Demand Curve

Represents the total quantity of a good that all consumers in a market are willing and able to purchase at each possible price over a period of time.

Individual Demand Curves

Graphical representations showing the relationship between the quantity of a good that a single consumer would buy at each price.