Management Is the Process of Planning,organizing,leading,and Controlling the Use of Resources

question 89

True/False

Management is the process of planning,organizing,leading,and controlling the use of resources to accomplish performance goals.

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Definitions:

Individual Demand

This refers to the quantity of a good or service that a single consumer is willing and able to purchase at various prices, holding other factors constant.

Normal Good

A type of good for which demand increases when income increases, and falls when income decreases, but price remains constant.

Inferior Good

A type of good for which demand decreases as the income of individuals or the economy increases, opposite to what is observed with a normal good.

Law of Supply

It states that, all else equal, an increase in the price of a good or service will lead to an increase in the quantity supplied.