The Study of the Efficient Allocation of the Scarce Means

question 212

Short Answer

The study of the efficient allocation of the scarce means of production toward the satisfaction of human wants defines _____________.

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Definitions:

Theory Y

A management theory developed by Douglas McGregor that assumes employees are self-motivated, seek responsibility, and want to make creative contributions to the workplace.

Self-fulfilling Prophecies

Expectations about a subject that cause the subject to act in ways that confirm the expectations.

Adult Personality

The culmination of personality development over an individual's lifetime, showcasing stable psychological traits.

Unity of Direction

A principle that all members of an organization should work towards the same objectives in a coordinated manner.