5 Questions
What are the common characteristics shared by all organizations?
They have a distinct purpose, composed of various resources, and a deliberate structure
What is the definition of a firm according to the text?
An institution where people transform resources into goods/services to obtain benefits through stable relationships
What does business administration/management emphasize?
The importance of making decisions within each business function
What is an organization's deliberate arrangement for?
To accomplish some specific purpose with adequate resources
What does a firm transform various resources into?
Goods and/or services in order to obtain benefits
Study Notes
Characteristics of Organizations
- All organizations share common characteristics, including deliberateness, goal-orientation, and intentional arrangement.
Definition of a Firm
- A firm is defined as an organization that transforms resources into products or services.
Business Administration/Management
- Business administration/management emphasizes the effective and efficient use of resources to achieve organizational goals.
Organizational Arrangement
- An organization's deliberate arrangement is for the allocation and utilization of resources to achieve its goals.
Resource Transformation
- A firm transforms various resources, such as labor, capital, and raw materials, into products or services.
Test your knowledge of the characteristics of an organization, the definition of a firm, the systems view of the firm, business function decisions, and the importance of studying business administration/management. Explore owner’s and manager’s responsibilities and tasks in this introductory quiz.
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