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30 Cards in this Set
- Front
- Back
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Structural arrangements of people brought together to accomplish a goal or goals.
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Organizations
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Where buyers and sellers congregate to bid on products or services
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Markets
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Have a hierarchy that performs similar tasks faster, more accurately, or at lower cost than a market, providing an efficient means of exchange.
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Advantage
of an Organization |
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Also facilitate exchange, but do so best in situations where a product is unique and its value and price are unclear
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Advantage
of a Market |
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using the minimum resources necessary to produce a product or service.
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Efficiency
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ability of an organization to achieve a goal or goals.
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Effectiveness
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degree to which organizations achieve multiple goals simultaneously.
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Overall effectiveness
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indicator of how efficiently an organization uses resources and effectively attains its stated goals.
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Organizational performance
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A collection of interrelated entities (subsystems) that operate interdependently to achieve common goals.
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System
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The entities of a system achieve ______ by working together than by each entity working_________.
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more, independently
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System consists of three subsystems:
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Input
Processing Output |
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Ensures that resources are available to produce the product or service.
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Input Subsystems
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Subsystem that creates the good or service.
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Processing subsystem
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A subsystem that makes the product or service available to distributors or customers.
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output subsystem
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Economic activity that occurs over long periods of time; gradual activity allows the economy to expand or contract and organizations to become more efficient by weeding out the inefficient producers.
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Evolutionary activity
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Occurs periodically to forever alter the nature of business transactions; occurs when a new innovation, such as new methods of production, are introduced into the economy.
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Revolutionary activity
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pre-1830
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Agrarian Economy
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1830–1950
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Industrial Revolution
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1955–present
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Knowledge Economy
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3 Dominant World Economies
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United States
Japan Germany |
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Country Stability:
US Japan Germany |
Politcal
Economic DP |
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Process of achieving organizational goals and objectives through efforts and contributions of others.
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Management
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Management uses the functions of ____,_____,_____,&_____ to accomplish organizational goals.
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planning, organizing, leading, and controlling
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Individuals who use principles of management to guide, direct, or oversee the work and performance of others.
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Managers
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Determines an organization’s objectives and establishes appropriate strategies for achieving them.
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Planning
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Influences organization members to perform in ways that accomplish the organization’s objectives and goals.
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Leading
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Creates a structure of task and authority relationships that supports attainment of organizational goals.
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Organizing
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Makes sure the organization’s actual performance conforms to planned performance.
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Control
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Supervise the work of operative (nonmanagerial) employees.
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First-line management
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Supervise and coordinate the work of lower-level managers in a subunit of the organization.
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Middle management
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