Match the Options Below with the Correct Phrases

question 3

Multiple Choice

Match the options below with the correct phrases:
-labor force

• A)firms that offer similar products in the organization's marketplace
• B)forces such as climate, weather, geography and geology that affect how businesses operate and locate their operations
• C)a system that regularly affects and is affected by various and constantly changing forces outside itself
• D)available, qualified, and potential employees
• E)the providers of resources to produce goods and services
• F)all forces outside an organization's borders that interact directly or indirectly with it
• G)company's expertise evolved over time
• H)organizational experience, wisdom, knowledge, and expertise
• I)the general framework of statutes enacted by legislatures
• J)internal and external users or consumers of goods and services
• K)influences and contributions from diverse groups outside an organization
• L)employee's feelings about work
• M)elements within organization's borders that managers create, acquire and utilize
• N)owners, employees, customers, and suppliers
• O)conditions that influence management decisions and the costs and availability of resources
• P)the combined effects of processes, materials, knowledge, and other discoveries resulting from research and development activities
• Q)the surveillance of outside areas and factors
• R)gives an organization its distinct culture
• S)domestic, and foreign economic, legal/ political, sociocultural, and natural forces
• T)collecting information about the external environment
• U)an organization's owners, customers, and external labor pool
• V)organizations not defined by external boundaries

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Definitions:

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, accounting for the cost of opportunity.

Efficient Output

The level of production at which a company or economy can produce the maximum amount of goods and services with the least amount of input costs.

Cost Curves

Graphs in economics that show how the cost of producing a good or service varies with the quantity produced.

Total Costs

The sum of all expenses incurred by a business in producing goods or services, including both fixed and variable costs.