Afm 131 - Study guides, Class notes & Summaries

AFM 131 Module 1 Latest Update...

AFM 131 final exam 2023...

Research and Development defined as work directed towards the innovation, introduction, and improvement of produce and processes. Innovation 1. Improve product quality 2. Increase production capacity 3. Extend product range Production the creation of goods and services using the factors of production, labour, land, capital and entrepreneurship and knowledge Production Management the historical definition of production, describing management activities that helped firms...

Free trade moving goods/services between countries without political or economic obstruction Exporting selling products to another country Importing buying products from another country Balance of trade relationship between exports & imports Trade surplus favourable balance of trade (exports > imports) Trade deficit unfavourable balance of trade (imports > exports) Balance of payments difference between money coming into a country (from expo...

_____________________ is starting and running a small business. - Answer Entrepreneurship Compared to small businesses, entrepreneurial ventures _____________________________________________. - Answer Generate more wealth quickly, have higher risks and must involve innovation A common theme for successful entrepreneurs is __________________________. - Answer A successful business springs from a good idea and borrowed money Many people turn to entrepreneurship because they have an idea t...

research and development - Answer work directed toward innovation introduction and improvement of products and processes production - Answer creation of finished goods and services using the factors of production: land labour, capital, entrepreneurship and knowledge production management - Answer all of the activities that managers do to help their firms create goods operations management - Answer specialized area in management that converts or transforms resources into goods an...

2024 AFM 131 Final Exam New Latest Exam Best Studying Material Updated Recent Version with Questions and Answers