Economics Quiz on Various Concepts

Public sector = Firms controlled by the government Private sector = Firms controlled by individuals Mixed economy = Both private and public sectors coexist Command economy = Economies with only public sector

Free market economy = Only private sector and no government intervention Mixed economy = Governments and individuals make decisions together Command economy = Economies that have only the public sector Public sector = Involves firms managed by local authorities

Limited liability = High legal formalities Separate legal identity = Business and owner considered one Continuity = Difficult to sell shares Ownership = Owned and controlled by one person

<p>Limited liability = Can’t sell shares to public Separate legal identity = Difficult to sell shares Continuity = High legal formalities Full control = Business and owner are the same</p> Signup and view all the answers

<p>Sole trader = Business owned by one person Free market economy = No government control over businesses Command economy = Total control of economy by government Mixed economy = Public and private sectors share responsibility</p> Signup and view all the answers

<p>Primary sector = Fishing and mining Secondary sector = Car manufacturing Tertiary sector = Banking Quaternary sector = Information services</p> Signup and view all the answers

<p>Can allocate resources = More efficient production Future planning = Long-term profitability assessments Attract investors = Stimulates economic growth Increases exports = Enhances trade balance</p> Signup and view all the answers

<p>Can be inaccurate = Flawed planning outcomes Can be time-consuming = Delays in production Changing business environment = Requires constant adaptation De-industrialisation = Decline in manufacturing importance</p> Signup and view all the answers

<p>Increases exports = Economic growth Reduces imports = Strengthened local industries Increased tax revenue = Improved public services More profitable firms = Higher employment rates</p> Signup and view all the answers

<p>As a country develops = Average income increases Rising incomes = Higher living standards Increased spending on services = Higher demand for services Competition in manufacturing = Lower prices for consumers</p> Signup and view all the answers

<p>Occurs in developed countries = Decline of secondary sector Manufacturing declines = Shift to service economy Job losses = Increase in unemployment rates Economic restructuring = Adaptation to new industries</p> Signup and view all the answers

<p>Increased consumer spending = Growth in service sector Higher average income = Better quality of life Shift in consumer demand = Preference for services Improved economic conditions = Attraction of investments</p> Signup and view all the answers

<p>Collecting natural resources = Primary sector Processing raw materials = Secondary sector Selling services = Tertiary sector Providing information services = Quaternary sector</p> Signup and view all the answers

<p>Overtime bans = Workers refuse to work more than contracted hours Collective bargaining = Negotiation process between employers and employees Negotiations = Attempts to find compromise to avoid conflict Strike action = An extreme action resulting in production stoppage</p> Signup and view all the answers

<p>Bargaining power = Unions negotiate better pay and conditions Lost output = Potential loss of sales for employers during strikes Legal support = Assistance for unfair dismissal claims Employee insights = Improved decision-making in businesses</p> Signup and view all the answers

<p>Health and safety compliance = Meeting legal requirements Independent arbitrator = Mediator in collective bargaining Negotiations = Efforts to find a compromise Trade union involvement = Support for employee negotiations</p> Signup and view all the answers

<p>Work-to-rule = Only doing tasks specified in the contract Go slow = Deliberately reducing work pace Overtime bans = Refusing additional hours beyond contract Strike action = Stopping all work for an indefinite period</p> Signup and view all the answers

<p>Strike action = To compel better conditions through work stoppage Go slow = To express dissatisfaction while still working Overtime bans = To limit work hours during busy times Work-to-rule = To enforce strict adherence to contract terms</p> Signup and view all the answers

<p>Union unity = Strengthens bargaining position Negotiation outcomes = Potential compromise solutions Strikes = Production halts and business shutdowns Legal support = Aid for addressing poor working conditions</p> Signup and view all the answers

<p>Collective bargaining = Group efforts to negotiate terms Dispute resolution = Process of settling conflicts Industrial action = Actions taken by workers to express demands Employer negotiations = Discussions to avoid strikes</p> Signup and view all the answers

<p>Theory X = Assumes employees are motivated primarily by money Piece Rate Payment = Wage linked to output level Autocratic Leadership = Close supervision with no feedback Hawthorne Effect = Increased productivity when workers are observed</p> Signup and view all the answers

<p>Abraham Maslow = Hierarchy of human needs Mayo = Research on worker participation effects HRM = Management of employee relations and performance Team Working = Leveraging group dynamics for productivity</p> Signup and view all the answers

<p>Maslow's Hierarchy = Categorizes needs into five levels Hawthorne Studies = Focus on employee involvement impacts Theory X = Employees need close supervision Team Dynamics = Utilizes collaborative efforts for success</p> Signup and view all the answers

<p>Piece Rate = Payment per unit produced Hourly Wage = Fixed payment for hours worked Commission = Payment based on sales performance Salary = Fixed regular payments regardless of output</p> Signup and view all the answers

<p>Supervision = Direct oversight of employee tasks Feedback = Information provided about performance Employee Participation = Involvement in decision-making processes Motivation = Incentives driving employee behavior</p> Signup and view all the answers

<p>Autocratic = Top-down decision-making Democratic = Encourages group input Laissez-faire = Minimal direct supervision Transactional = Focuses on supervision and performance rewards</p> Signup and view all the answers

<p>Scientific Management = Efficiency in worker productivity Human Relations Theory = Social dynamics of the workplace Systems Theory = Interconnectedness of organizational components Contingency Theory = Adaptability based on situational variables</p> Signup and view all the answers

<p>One-way Communication = Information flows in a single direction Two-way Communication = Open dialogue between parties Worker Motivation = Driving factors for employee engagement Output Measurement = Assessment of productivity levels</p> Signup and view all the answers

<p>Valence = Depth of the want for an extrinsic reward Expectancy = Degree to which hard work leads to desired reward Instrumentality = Confidence in receiving a reward Motivation = Behavior influenced by expected outcomes and rewards</p> Signup and view all the answers

<p>Valence = Strength of desire for a reward Expectancy = Belief that effort will result in performance Instrumentality = Link between performance and reward Need strength = Intensity of desire to fulfill needs</p> Signup and view all the answers

<p>Positive link between performance and effort = Encourages employees to work harder Favorable reward = Increases employee satisfaction Satisfaction of important needs = Enhances motivation levels Strong desire to satisfy needs = Drives individual behavior</p> Signup and view all the answers

<p>Missing valence = Reduces the desire for performance Missing expectancy = Decreases effort put into work Missing instrumentality = Affects confidence in receiving rewards All three beliefs present = Leads to high motivation levels</p> Signup and view all the answers

<p>Performance = Result of effort and expectancy beliefs Reward = Outcome that satisfies employee needs Effort = Influenced by expectancy and instrumentality Motivation = Culmination of all three beliefs in the model</p> Signup and view all the answers

<p>Job redesign = Restructuring of a job with the agreement of the employee Delegation = Passing down of authority Training = Improving and developing the skills of employees Quality circles = Voluntary groups that meet regularly to discuss issues</p> Signup and view all the answers

<p>Involvement in decisions = Encouraged participation in decision making Team-working = Better and quicker solutions to problems Target setting = Provides a sense of direction Empowerment = Enables better ideas and feedback</p> Signup and view all the answers

<p>Autocratic managers = Find it difficult to adapt to teamwork Paternalistic leadership = Can be demotivating Management by objectives = Encourages participation through set goals Delayering = Improves productivity and lowers wastage</p> Signup and view all the answers

<p>Job enrichment = Leads to a greater sense of belonging Increased status = Improves productivity Wider skill range = Increases chances of promotion Greater employee involvement = Provides first-hand experience with issues</p> Signup and view all the answers

<p>Worker participation = Actively encouraged to become involved Quality circles = Meet to discuss improvement of processes Team-working = Focus on collaboration for better outcomes Target setting = Alignment of goals with employee contributions</p> Signup and view all the answers

<p>Training costs = Expenses incurred in employee skill development Conflict with organizational values = Challenges arising in management practices Time taking = Necessary to ensure quality appraisal each year Feedback = Information provided to enhance performance</p> Signup and view all the answers

<p>Kaizen = Originated in Japan Herzberg's motivation theory = Linked to job enrichment benefits Maslow's hierarchy of needs = Focuses on employee motivation Quality circles = Encourages teamwork and employee input</p> Signup and view all the answers

<p>Improved job quality = Leads to better decision making Better productivity = Results in lower wastage Greater employee satisfaction = Enhances overall performance Enhanced skill variety = Broadens employee capabilities</p> Signup and view all the answers

<p>Empowerment = Provides a new perspective Team-working = Fosters cooperation and innovation Involvement = Encourages dialogue and contribution Quality circles = Drives improvement through collective ideas</p> Signup and view all the answers

<p>Herzberg's theory = Emphasizes job enrichment for satisfaction Maslow's theory = Focuses on needs hierarchy to motivate Job redesign = Increases interest and challenge in work Delegation = Improves employee motivation and autonomy</p> Signup and view all the answers

<p>Management by objectives = Targets are set collaboratively Autocratic leadership = Decision making is centralized Delegation = Transfer of authority to employees Training programs = Equip employees with necessary skills</p> Signup and view all the answers

<p>Autocratic = Leadership style with minimal employee input Paternalistic = Emphasizes care but can be demotivating Democratic = Encourages collective decision making Laissez-faire = Provides minimal direction to employees</p> Signup and view all the answers

<p>Lower labor turnover = Increased employee satisfaction Improved job quality = Higher standards of work accomplished Empowerment of staff = Increases ownership and accountability Better ideas = Results from diverse employee contributions</p> Signup and view all the answers

<p>Collaboration = Achieves shared goals more effectively Creativity = Generates innovative solutions Support = Encourages mutual assistance among members Quality improvement = Constantly assesses and enhances outputs</p> Signup and view all the answers

<p>Quality circles = Focus on group collaboration for solutions Job enrichment = Enhances daily responsibilities for employees Delegation = Distributes tasks for efficiency Training = Improves skills and adaptability</p> Signup and view all the answers