10 Questions
According to Henri Fayol, what are the five functions of management?
Planning, organizing, commanding, coordinating, and controlling
Which fields are covered under business administration according to the text?
All of the above
What does the term 'administration' refer to in the context of business management?
Bureaucratic or operational performance of routine office tasks
What is the primary focus of business administration?
Efficient organization of people and resources to direct activities towards common goals and objectives
What is the broader management function that 'administration' refers to?
Finance, personnel, and MIS services
According to Adam Smith's model, absolute advantage refers to the instance where one country can produce a unit of a good with ______ than another country.
less labor
In Adam Smith's model, what example does he provide to illustrate absolute advantage?
Growing grapes from Scotland
According to Adam Smith, what is the basis of absolute advantage in international trade?
Minimization of aggregate real costs and efficient resource allocation through trade
The Ricardian theory of comparative advantage became a basic constituent of which trade theory?
Neoclassical trade theory
In the context of international trade theory, what does the Ricardian theory of comparative advantage emphasize?
Specialization and trade based on relative opportunity costs
Study Notes
Management Functions
- Henri Fayol identifies five functions of management: no specifics provided in the text.
Business Administration
- Business administration covers various fields, no specifics provided in the text.
- The primary focus of business administration is not specified in the text.
Administration in Business Management
- In the context of business management, 'administration' refers to a broader management function.
- No further details about this function are provided in the text.
Absolute Advantage
- According to Adam Smith's model, absolute advantage refers to a situation where one country can produce a unit of a good with less labor than another country.
- Adam Smith illustrates absolute advantage with the example of Scotland and England producing cloth and wine.
Comparative Advantage
- The basis of absolute advantage in international trade, according to Adam Smith, is the difference in labor productivity between countries.
- The Ricardian theory of comparative advantage is a constituent of classical trade theory.
- The Ricardian theory of comparative advantage emphasizes the idea that countries should specialize in producing goods for which they have a lower opportunity cost.
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