The More Stable Is a Firm's External Environment,the More Likely

question 27

True/False

The more stable is a firm's external environment,the more likely it is that the firm's resources and capabilities,rather than customer needs,will offer a more stable foundation for strategy.

Understand the legal frameworks governing partnerships, including the establishment, liability, and operation.

Distinguish between different business entities (sole proprietorship, partnership, and corporation) regarding structure and liability.

Recognize the principles of ratification and estoppel in agency relationships.

Understand the applications and limitations of the concept of limited liability in business organizations.

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Definitions:

Skills And Abilities

The competencies and capabilities that enable an individual to perform tasks and activities to a certain standard.

Forecasting Human Resources

involves predicting an organization's future workforce needs to ensure it has the right number of employees with the necessary skills.

Organizational Objectives

The goals or targets that a company aims to achieve, which guide its operational and strategic activities.

Business Cycles

Business cycles refer to the fluctuations in economic activity that an economy experiences over a period, characterized by expansion and contraction phases.