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Questions and Answers
According to Henri Fayol, what are the five functions of management?
According to Henri Fayol, what are the five functions of management?
- Planning, organizing, commanding, coordinating, and controlling (correct)
- Organizing, directing, staffing, coordinating, and controlling
- Staffing, directing, planning, organizing, and controlling
- Planning, staffing, leading, controlling, and decision-making
Which fields are covered under business administration according to the text?
Which fields are covered under business administration according to the text?
- Accounting, finance, data analysis, marketing
- Quality assurance, research and development, information-technology management, sales
- Project management, office building administration, designing, development
- All of the above (correct)
What does the term 'administration' refer to in the context of business management?
What does the term 'administration' refer to in the context of business management?
- Strategic decision-making and goal setting
- External communication and marketing strategies
- Financial management and budgeting
- Bureaucratic or operational performance of routine office tasks (correct)
What is the primary focus of business administration?
What is the primary focus of business administration?
What is the broader management function that 'administration' refers to?
What is the broader management function that 'administration' refers to?
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.
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.
In Adam Smith's model, what example does he provide to illustrate absolute advantage?
In Adam Smith's model, what example does he provide to illustrate absolute advantage?
According to Adam Smith, what is the basis of absolute advantage in international trade?
According to Adam Smith, what is the basis of absolute advantage in international trade?
The Ricardian theory of comparative advantage became a basic constituent of which trade theory?
The Ricardian theory of comparative advantage became a basic constituent of which trade theory?
In the context of international trade theory, what does the Ricardian theory of comparative advantage emphasize?
In the context of international trade theory, what does the Ricardian theory of comparative advantage emphasize?
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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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