Business and Governance Overview
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Questions and Answers

What characterizes a pure monopoly?

  • Many sellers offering similar products
  • Sellers differentiating their goods
  • Single seller with no competition (correct)
  • Significant price influence by multiple competitors

    • Which of the following is a characteristic of an oligopoly?

  • Significant control by a few companies (correct)
  • High number of sellers
  • Complete price control by individual firms
  • Low capital requirements

    • In which market structure do sellers ignore the impact of their own prices on competition?

  • Perfect competition
  • Duopoly
  • Pure monopoly
  • Monopolistic competition (correct)

    • Which statement accurately describes the characteristics of perfect competition?

    <p>Homogeneous products with many sellers</p> Signup and view all the answers

    What is a common outcome of a market with strong competition and capital requirements?

    <p>Presence of oligopoly</p> Signup and view all the answers

    What is one way the government can promote economic efficiency?

    <p>Adopt efficient production technologies</p> Signup and view all the answers

    What denotes inequitable distribution of income?

    <p>Concentration of wealth among a few</p> Signup and view all the answers

    Which of the following is NOT a characteristic of monopolistic competition?

    <p>High barriers to entry</p> Signup and view all the answers

    What is a key characteristic of capitalism?

    <p>Private ownership of production</p> Signup and view all the answers

    In which economic system is the means of production regulated by the community?

    <p>Socialism</p> Signup and view all the answers

    What describes perfect competition in a market?

    <p>A large number of small companies</p> Signup and view all the answers

    Which of the following is NOT a motive for engaging in business?

    <p>Guaranteed profits</p> Signup and view all the answers

    Which aspect does NOT define the economy of a system?

    <p>Personal gain only</p> Signup and view all the answers

    What represents the self-interest component of capitalism?

    <p>Profit motive</p> Signup and view all the answers

    Which feature is primarily associated with socialism?

    <p>Community regulation of resources</p> Signup and view all the answers

    What is typically NOT a feature of a market economic model?

    <p>Monopolistic competition</p> Signup and view all the answers

    What is identified as the foundation of the business management process?

    <p>Money</p> Signup and view all the answers

    Which of the following components is essential for acquiring raw materials?

    <p>Money</p> Signup and view all the answers

    What is the primary role of manpower in an organization?

    <p>To produce goods</p> Signup and view all the answers

    What does the term 'methods' refer to in the context of business management?

    <p>Established ways of carrying out operations</p> Signup and view all the answers

    Which M of business management emphasizes the importance of technology in production?

    <p>Machines</p> Signup and view all the answers

    How are the materials described in the context of business management?

    <p>Raw or semi-finished goods</p> Signup and view all the answers

    Which of the following is necessary for the successful management of an organization?

    <p>Balancing all 5 M's effectively</p> Signup and view all the answers

    Why is capital necessary for a business?

    <p>For producing goods and offering services</p> Signup and view all the answers

    What does devolution specifically refer to in the context of government?

    <p>The transfer of power to local or regional administrations</p> Signup and view all the answers

    Which of the following best describes deregulation?

    <p>The removal or reduction of state regulations in the economy</p> Signup and view all the answers

    What is the primary aim of decentralization within an organization?

    <p>To distribute planning and decision-making to smaller factions</p> Signup and view all the answers

    Which component is NOT part of the growth summary of the Medium Term Philippine Development Plan?

    <p>Nationalizing key industries</p> Signup and view all the answers

    What does 'giving people a stake in development' imply in the context of the MTDP?

    <p>Encouraging citizen investment and involvement in development initiatives</p> Signup and view all the answers

    What is the primary focus of occupational safety and health?

    <p>Ensuring the safety, health, and welfare of employees</p> Signup and view all the answers

    Which of the following statements about fair labor practices in the Philippines is correct?

    <p>Minimum wage varies by region to consider the cost of living.</p> Signup and view all the answers

    What does consumer protection aim to achieve?

    <p>Safeguarding buyers against unfair marketplace practices</p> Signup and view all the answers

    The conservation movement primarily advocates for which of the following?

    <p>Protection of endangered species and natural areas</p> Signup and view all the answers

    Economic security can be defined as:

    <p>Having stable income and resources for future support</p> Signup and view all the answers

    What was the goal of the Medium-Term Philippine Development Plan (MTPDP) 1993-1998?

    <p>To achieve full industrialization by the year 2000</p> Signup and view all the answers

    An egalitarian social welfare function is characterized by which of the following?

    <p>Indifference to the level of utility as long as it is equal</p> Signup and view all the answers

    Which initiative relates closely to workplace health promotion in the field of occupational safety and health?

    <p>Occupational medicine practices</p> Signup and view all the answers

    Study Notes

    Business and Governance

    • The lecture discusses the business and governance aspects of government.
    • The lecture defines the 5 M's of business, including money, manpower, materials, machines and methods.
    • Manpower is a crucial asset as it handles the organization's operations.
    • Methods are the standard ways to perform tasks.
    • The lecture lists reasons for engaging in business, including financial independence, flexibility, job security and pursuing passions.

    Economic Systems

    • There are four different types of economic systems: Capitalism, Socialism, Mixed Economy, and Traditional Economy.
    • Capitalism is based on private ownership, free competition, and profit incentives.
    • Socialism, on the other hand, advocates for collective ownership, where the whole community owns the means of production.

    Market Models

    • Market models define different types of competition within a market.
    • Perfect Competition: Many small companies selling similar products with no price influence and free entry and exit.
    • Monopolistic competition: Sellers try to differentiate their goods in terms of quality and branding.
    • Pure Monopoly: A market structure where a single seller dominates and has no competition.
    • Oligopoly: A few major companies control the majority of the market share.

    Role of Government

    • The government plays a critical role in business operations by promoting economic growth, ensuring a fair distribution of income, and providing social security.
    • The government regulates five major areas of business:
    • Occupational safety and health: Maintaining safety for employees at workplaces.
    • Fair labor practices: Paying minimum wages and ensuring compliance with labor laws.
    • Consumer protection: Safeguarding consumers from unfair practices in the marketplace.
    • Environmental protections: Protecting the environment and ensuring sustainable practices.
    • Economic security: Providing financial security and supporting a stable standard of living.

    Medium Term Philippine Development Plan (MTDP) 1993-1998

    • This plan aimed to achieve full industrialization by the year 2000 and improve quality of life.
    • Key elements:
    • Devolution: Transfer of power to lower levels of government.
    • Deregulation: Reduction or removal of government regulations.
    • Decentralization: Distribution of planning and decision-making away from a central location.

    MTDP Growth Summary

    • Key goals of MTDP
      • Commitment to a market-driven economy.
      • Empowering people through development programs.
      • Industrializing the agricultural sector.
      • Developing an educated workforce and citizens.
      • Building infrastructure.
      • Fostering exporting industries.

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    Lecture 2: Business & Governance of Government PDF

    Description

    This quiz covers the fundamental aspects of business and governance, including the essential 5 M's: money, manpower, materials, machines, and methods. Additionally, it explores various economic systems like capitalism and socialism, along with different market models. Test your understanding of these key concepts in business economics!

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