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LSUS MBA 701 Exam 1 Questions and Answers
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manager - Answer-someone that directs resources to achieve a goal directs the efforts of others, purchases inputs used in the production of the firms output, directs other decisions like the product price and quality and construct incentives to induce maximal effort from employees - Answer-what ...

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  • August 23, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • lsus mba 701 exam 1 questions and answers
  • manager answer someone that directs resources to

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  • FIN701
  • FIN701

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LSUS MBA 701 Exam 1 Questions and
Answers
manager - Answer-someone that directs resources to achieve a goal

directs the efforts of others, purchases inputs used in the production of the firms output,
directs other decisions like the product price and quality and construct incentives to
induce maximal effort from employees - Answer-what does a manager do?

economics - Answer-the science of making decisions in the presence of scarce
resources

resources - Answer-anything used to produce a good or service or achieve a goal

scarcity implies trade offs - Answer-why are decisions important in economics?

managerial economics - Answer-the study of how to direct scare resources in the way
that most efficiently achieves a managerial goal

how many employees should be hired and how they should be compensated, how
many products to produce and sold at what price, should a firm make or buy
components of products - Answer-example of managerial accounting

identify goals and constraints, recognize the nature and importance of profits,
understand incentives, understand markets, recognize the time value of money, use
marginal analysis and make data driven decisions - Answer-the 7 principles of effective
managerial decision making

to maximize profits - Answer-what should a firms overall goal be?

available technology and prices of inputs used in production - Answer-what are
examples of some constraints?

accounting profit - Answer-total amount of money from sales (revenue) minus the dollar
cost of producing the goods or services

economic profit - Answer-the difference between total revenue and total opportunity cost

opportunity cost - Answer-the explicit cost of a resource plus the implicit cost of giving
up its best alternative

they signal to resource holders where resources are most highly valued by society -
Answer-what is the role of profits

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