Examlex
Fayol's principle of the division of labor says that functions should be divided into areas of specialization such as production, marketing, and finance.
Social Responsibility
The obligation of a business to have a positive effect on society on four levels—economic, legal, ethical, and philanthropic.
Business's Obligation
The responsibilities and commitments a business has, including legal, financial, and ethical duties to its stakeholders.
Community
A group of people living in the same place or having a particular characteristic in common, often sharing a sense of belonging or community spirit.
Control Systems
The means to monitor input, transformation, and output so as to identify problems.
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