The Basic Activity of a Firm Is

question 157

Multiple Choice

The basic activity of a firm is

• A)to set the prices of its products as high as possible.
• B)to compete with other firms that produce similar products.
• C)to provide jobs for its employees.
• D)to use inputs to produce outputs of goods and services.

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Definitions:

Participative Management

A management style where employees at all levels are encouraged to contribute ideas towards identifying and solving problems, making decisions, and implementing changes.

Interests

The desires or goals that individuals or groups seek to fulfill or achieve, which guide their actions and decisions.

Shared Leadership

A leadership approach where control and decision-making responsibilities are distributed among members within a group or organization.

Group Trust

The collective confidence among members of a group in each other's reliability, integrity, and capability, which facilitates cooperation and cohesion.