Control Is the Only Managerial Function That Allows Managers to Make

question 115

True/False

Control is the only managerial function that allows managers to make sure that organizational goals are being met.

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Definitions:

Externalities

Costs or benefits arising from an economic activity that affect third parties who did not choose to incur that cost or benefit.

Socially Optimal

A condition where resources are allocated in the most efficient way from the society's point of view, maximizing overall welfare.

Common Resource

A resource like air or water that is not owned by anyone, can be used by everyone, and is difficult to exclude others from using.

Artificially Scarce Good

A product or service whose supply is intentionally restricted to increase its price or value, often contrary to its natural abundance.