The First Step in Controlling Consists of

question 37

Multiple Choice

The first step in controlling consists of

• A) issuing orders and explaining routines.
• B) setting clear performance standards.
• C) establishing a clear chain of command.
• D) assigning workers to perform specific tasks.

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Definitions:

Externality

The uncompensated impact of one person’s actions on the well-being of a bystander

Total Cost

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Organic

Pertaining to or derived from living organisms; in agriculture, involving food produced without the use of synthetic pesticides or fertilizers.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is not achievable.