Which of These Refers to a Broadly Stated Definition of the Organization's

question 47

Multiple Choice

Which of these refers to a broadly stated definition of the organization's basic business scope and operations that distinguishes it from similar types of organizations?

• A) Mission statement
• B) Goal statement
• C) Management by objective
• D) Goal setting
• E) Corporate competitive-value statement

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Definitions:

Law Of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if all other variables remain at a constant.

Marginal Output

The additional quantity of a product that is produced from using one more unit of an input, keeping other inputs constant.

Diminishing Returns

A principle stating that if one factor of production is increased while other factors are held constant, the incremental output or benefit gained will eventually decrease.

40-Acre Farm

A piece of farmland covering 40 acres, often used historically in the context of post-Civil War land redistribution promises in the United States.