A Broad Statement That Defines the Organization's Purpose and Scope

question 82

Multiple Choice

A broad statement that defines the organization's purpose and scope is known as a:

• A) strategic plan.
• B) mission statement.
• C) vision statement.
• D) values statement.
• E) none of the above.

---

Definitions:

Labor Market

A market where employers find workers and workers find jobs, characterized by supply and demand for labor.

Marginal Expenditure Curve

A graphical representation that shows how total expenditure changes as the quantity of a good or service purchased varies.

Economic Rents

Earnings in excess of the economically or socially necessary cost of bringing a factor of production into use.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply.