The Five Economic Attributes That Are Normally Studied Are Demand,supply,manufacturing,____________________,and

question 55

Short Answer

The five economic attributes that are normally studied are demand,supply,manufacturing,____________________,and investing and financing.

Recognize Mintzberg's organizational structures and their characteristics.

Understand the impact of organizational size and complexity on structure and design.

Distinguish between vertical and horizontal organizational structures and their implications.

Grasp the concepts of formalization, centralization, and specialization in organizational contexts.

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Definitions:

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected, multiplied by the standard labor rate, indicating efficiency in labor usage.

Direct Labor-Hours

Entire duration of work by employees intricately involved in the manufacturing phase.

Machine-Hours

A measure of production output or activity calculated as the total hours that machines are operated over a specific period.

Standard Hours Allowed

The amount of work time allowed for the completion of a task, against which actual hours are compared for performance analysis.