Describe the Three Essential Management Skills That Differentiate Effective Managers

question 34

Essay

Describe the three essential management skills that differentiate effective managers from ineffective ones. Provide a workplace example of how these skills could be used when dealing with the challenge of a workplace recession.

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Definitions:

Income Elasticity

A measure of how the quantity demanded of a good or service changes in response to a change in consumer income.

Inferior Good

A type of good for which demand decreases when consumers' income increases, opposite to normal goods.

Perfectly Inelastic

Describes a situation where the demand for a good does not change in response to a change in price.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, defined as the percentage change in quantity demanded divided by the percentage change in price.