List the Five Basic Management Skills

question 5

Essay

List the five basic management skills.

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Definitions:

Fixed Cost

Expenses that do not change in total regardless of the level of production or sales activity, such as rent, salaries, and insurance.

Raw Materials

Raw materials are the basic substances or components used in the manufacture or production of goods.

Direct Labour

The labor costs associated with employees who are directly involved in the production of goods or services.

Total Market Value

The aggregate valuation of a company or asset based on current market prices.