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13 Cards in this Set
- Front
- Back
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Manager
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someone who coordinates the limited resources of a business in order to achieve specific goals
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Vision
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the ability to see into the future
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Management
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is the process of working with and through other people to achieve the goals of a business rapidly changing environment
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Effective
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managers ensure the joint effort of all employees are directed towards achieving the GOALS of a business
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This _________ ________ must be _________ _______ so the ________ amount of goods and services can be produced for the _______ ______
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combined effort
effectively co-ordinated greatest least cost |
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Increased efficiency will result in
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a decrease in the costs of production
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A manager can increase efficiency by
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using more-up-to-date technology, decreasing the size of their labour force, thereby decreasing costs. Also motivation, financial bonus, chain production
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Increased efficiency in business firms in important to the Aust. economy as
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environment will become more efficient and competitive on the world market. Labour will be highly trained thus growth in jobs.
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Greater productivity will result in
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more goods and services made available to public therefore a higher living standard
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Human resources
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are the employees of the business and are usually the most important asset.
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Information resources
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: include the knowledge and data by the business such as market research, sales report, economic forecast, technical material and legal advice.
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Physical resources
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include equipment, machinery, buildings and raw materials.
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Financial resources
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are the funds the business use to meet its obligations to various creditors.
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