QUESTION What is economics and how does it tie in to this chapter’s study of competition? What will be an ideal response? ANSWER By definition, economics aims to understand and predict how people act as they try to fulfill their wants and needs. It assumes rational behavior in light of material constraints (i.e., money). […]
QUESTION Profit motive is a company’s desire to make more money than it spends. Why can’t the other two bottom lines exist without it? What will be an ideal response? ANSWER A company may want to be environmentally friendly and give back to the community. However if there is no money to meet basic […]
QUESTION Operations management is the set of activities that ensures that everyone in the production process, including customers, gets what they want, when they want it, in the form and quantity they want, and with the services and support they need to properly use it. Indicate whether the statement is true or false ANSWER […]
QUESTION All of the following are questions that managers can ask to determine whether delegating is the right choice for a particular task EXCEPT ________. a. What is my communication style? b. Do I need to be personally involved because of my unique knowledge or skills? c. Is the task within my major area of […]
QUESTION A manager’s span of control determines how many employees he or she oversees. Indicate whether the statement is true or false ANSWER TRUE
QUESTION When you arrive at your veterinary for your scheduled appointment you are greeted by the receptionist who immediately offers your dog a treat. The receptionist proceeds to let you know what to expect by explaining procedures and offering services. You are then led to a waiting room where you are offered a water bottle […]
QUESTION What does it mean for an entrepreneur to act with integrity? What will be an ideal response? ANSWER Successful entrepreneurs are willing to do what is right, even if it means making tough decisions. Cultivating an atmosphere of trust and respect with employees and customers can boost a company’s reputation and, by extension, […]
QUESTION Define supply and demand and what factors affect them. What will be an ideal response? ANSWER Supply is the quantity of goods and services available for purchase at a given time. Factors affecting supply include changes in prices of substitute products, changes in price expectations, changes in production costs, changes in technology, and […]
QUESTION Describe the triple bottom line. What will be an ideal response? ANSWER The triple bottom line approach to sustainability suggests that when organizations benefit, society benefits as well—people have jobs and money, which ensures a high standard of living. It focuses on three aspects of the corporate bottom line: social, environmental, and economic—people, […]
QUESTION A mission statement is an invisible manifestation of a company’s culture. Indicate whether the statement is true or false ANSWER TRUE
