From Scenario C,it Can Be Inferred That George's Firm

question 21

Multiple Choice

From Scenario C,it can be inferred that George's firm:

• A) utilizes centralized decision making.
• B) follows the principle of unity of command.
• C) Utilizes decentralized decision making.
• D) has a narrow span of control.
• E) has a wider span of control.

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Definitions:

Supply and Demand

Supply and demand is a fundamental economic model that explains the interaction between the sellers of a resource and the buyers for that resource, determining its price and quantity in a market.

Allocation of Resources

The process of assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives.

Productivity

The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.

Labor Input

Refers to the total hours worked or the number of employees engaged in production in the economy.