An Advantage of Centralization Is That It

question 105

Multiple Choice

An advantage of centralization is that it:

• A) allows top managers to keep the organization focused on organizational goals.
• B) encourages flexibility.
• C) gives top managers time to focus on strategic decision making.
• D) increases the motivation of middle managers.

Understand the concept and implications of third-party beneficiary contracts.

Recognize the parties involved in a contract and their respective roles and responsibilities.

Identify key legal principles from landmark cases related to contract law.

Understand the process and requirements for the assignment and delegation of contractual rights and duties.

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Definitions:

Human Specialization

The process whereby individuals focus on a narrow area of skill or knowledge, increasing efficiency and productivity in the workforce.

Society's Output

This term describes the total amount of goods and services produced by a society or an economy over a specific time frame.

Self-Interest

The motivation of individuals to pursue their own welfare and interests, often considered a fundamental economic driving force.

Market System

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, determining prices of goods and services.