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The Four Contemporary Functions of Management Are Planning,organizing,leading,and Controlling

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The four contemporary functions of management are planning,organizing,leading,and controlling.


Definitions:

Opportunity Costs

The value of the best alternative that must be foregone as a result of choosing a particular option.

Forgoing

The act of giving up something, typically as a sacrifice or in order to choose another option.

Activity

The engagement in tasks or actions aimed at achieving a certain objective or result.

Economic Perspective

A viewpoint that emphasizes analyzing problems and making decisions based on economic principles and models.

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