According to the Text, Formal Organizations Have Some Inadequacies, but Informal

question 84

Short Answer

According to the text, formal organizations have some inadequacies, but informal organization can help compensate for these. What is informal organization? After defining this term, name one way that informal organization might compensate for formal organizations.

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Definitions:

Mainstream Economics

The body of economic thought and analysis that is widely accepted and taught across major universities, focusing largely on microeconomics and macroeconomics theories.

Great Depression

A severe worldwide economic depression that took place mostly during the 1930s, starting in the United States.

John Maynard Keynes

A British economist whose ideas fundamentally changed the theory and practice of macroeconomics and economic policies of governments.

Classical Economists

Early economists, such as Adam Smith and David Ricardo, who focused on the role of free markets in promoting economic growth and efficiency.