Fayol's Principle of ________ Refers to How Extensively Employees Participate

question 24

Multiple Choice

Fayol's principle of ________ refers to how extensively employees participate in decision making in an organization.

• A)division of labor
• B)centralization
• C)order
• D)equity

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Definitions:

Internalized

The process of incorporating external costs or benefits into the market price of goods or services.

Efficient

Refers to a situation where resources are utilized in the best possible manner to produce desired outcomes without wasting materials, energy, or time.

Government Intervention

Actions taken by a government to influence or regulate different aspects of its economy.

Coase Theorem

Suggests that if property rights are clearly defined and transaction costs are low, parties will negotiate to solve externalities on their own.