Crude Oil Is Not an Example of a Factor of Production

question 168

True/False

Crude oil is not an example of a factor of production, but when crude oil is processed into gasoline, it is a factor of production.

Understand the importance of charisma and referent power in leadership.

Distinguish between the concepts of power and authority in organizational settings.

Identify types of power exhibited by leaders in organizational contexts.

Understand the distinctions between formal and informal leadership.

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Definitions:

Flexibility and Creativity

Flexibility and creativity are qualities that allow individuals or organizations to adapt to change and generate innovative solutions to problems.

Hierarchical Division

The breaking down of an organizational structure into levels of hierarchy, where tasks and responsibilities are clearly delineated by rank.

Formal Authority

Formal authority is the official power granted to an individual or entity within an organization to make decisions, direct others, and enforce obedience based on their position or role.

Vertical Specialization

The structuring of an organization’s workforce based on hierarchical levels of authority and specialized functions or tasks.