List and Explain the Four Basic Functions of Management

question 42

Essay

List and explain the four basic functions of management.

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Definitions:

Enjoyment

The state or experience of taking pleasure or satisfaction from something.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they derive from it.

Surplus

An excess of production or supply over demand, often leading to lower prices.

Market Economy

An economic system where supply and demand from consumers and producers determine the production of goods and services.