Four Basic Business and Management Practices Are What Matter-"What Really

question 177

Multiple Choice

Four basic business and management practices are what matter-"what really works," to use the phrase of the researchers who studied more than 200 management tools and techniques. These are: (1) strategy, (2) execution, (3) __________, and (4) structure.

• A)charismatic leadership
• B)culture
• C)quality
• D)sustainability
• E)ethics

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Definitions:

Positive Economic Profits

Earnings that exceed the opportunity costs of inputs, indicating that a firm is generating returns higher than the next best alternative use of its resources.

Market Price

The current price at which goods or services can be bought and sold in a marketplace, determined by supply and demand.

Profit

Profit represents the financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes involved in operating the business.

Industry Supply

The total output of a specific good or service that all producers in an industry are willing to sell at different price levels.