One of the Reasons for Developing a Vision Statement for an Organization

question 41

Multiple Choice

One of the reasons for developing a vision statement for an organization is to

• A) match the competition
• B) prevent confusion over the purpose of the business
• C) satisfy the stakeholders
• D) comply with corporate policy

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Definitions:

Short Run

A period in economics during which some factors of production are fixed, limiting the ability of the economy or a firm to adjust to changes.

Real GDP

The market value of all final goods and services produced within a country in a given period, adjusted for inflation.

Recessions

Phases of momentary economic slump that lead to a reduction in trading and industrial activities, frequently identified by declining GDP in two successive quarters.

Aggregate Demand

The total demand for all goods and services in an economy at a given general price level and in a given time period.