Determining What a Firm Needs to Do and How Best

question 146

Multiple Choice

Determining what a firm needs to do and how best to accomplish that is called

• A) controlling.
• B) staffing.
• C) directing.
• D) planning.
• E) organizing.

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Definitions:

Total Benefit

The complete gain obtained from consuming a good or service.

Patent System

A legal system granting inventors exclusive rights to their inventions, preventing others from making, using, selling, or distributing the patented invention without permission.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the design of machinery or equipment.

Negative Externality

An economic situation where a third party suffers costs or disadvantages as a result of a transaction between others, often related to pollution or environmental impact.