Operating Within the Environment

question 51

Multiple Choice

Operating within the Environment
The environment places constraints on the behaviour of managers.Suppose you are a manager trying to understand the forces in your organisation's environment.
-Refer to Operating within the Environment (Scenario) .Imagine you are the manager of a real estate office trying to maximise profits.If the mortgage interest rates increase, this would be an example of changing ________ in your general environment.

• A)economic conditions
• B)political conditions
• C)competition
• D)social conditions
• E)technological conditions

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Definitions:

Normal Good

A normal good is one whose demand increases when consumers' incomes increase and falls when incomes decrease, all else being equal.

Equilibrium Quantity

The quantity of a good or service at which supply and demand are balanced in a market.

Laptop Computers

Portable personal computers with the components, inputs, outputs, and capabilities of a desktop computer, designed for easy transport and use.

Note-Taking

The practice of recording information from various sources and contexts in a systematic way.