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30 Cards in this Set

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