Managerial Economics

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Questions and Answers

Which term describes a person who is responsible for planning, organizing, leading, and controlling functions in an organization?

Managerial

What is the social science concerned with the efficient and effective allocation of resources?

Economics

Which term refers to the condition where people's wants and needs are not satisfied due to limited resources?

Scarcity

What is the achievement of goals and the attainment of desired outcomes called?

Effectiveness Signup and view all the answers

Which term refers to achieving maximum output with the least possible input?

Efficiency Signup and view all the answers

Match the following terms with their correct definitions:

Manager = A person who does the planning, organizing, leading, and controlling functions in an organization Economics = A social science concerned with the efficient and effective allocation of resources Scarcity = The condition where wants and needs of people are not satisfied because of limited resources Efficiency = Attaining maximum output with the least possible input Signup and view all the answers

Match the following terms to their correct descriptions:

Managerial = Coined from the root word 'manager' meaning a person who does the planning, organizing, leading, and controlling functions in an organization Social Science = Combining way of thinking, behavior, and preference choices that people make Effectiveness = The achievement of goals and getting the desired outcome Scarcity = Human needs and wants are unlimited while resources are limited Signup and view all the answers

Match the following terms with their correct definitions:

Efficiency = Achieving maximum output with the least possible input Scarcity = The condition where wants and needs of people are not satisfied due to limited resources Manager = A person who does the planning, organizing, leading, and controlling functions in an organization Effectiveness = The achievement of goals and the attainment of desired outcomes Signup and view all the answers

Match the following terms to their correct descriptions:

Economics = Social science concerned with the efficient and effective allocation of resources Scarcity = The condition where wants and needs of people are not satisfied because of limited resources Efficiency = Attaining maximum output with the least possible input Effectiveness = Achievement of goals and getting the desired outcome Signup and view all the answers

Match the following terms with their correct definitions:

Scarcity = The condition where wants and needs of people are not satisfied due to limited resources Economics = Social science concerned with the efficient and effective allocation of resources Manager = A person who does the planning, organizing, leading, and controlling functions in an organization Efficiency = Attaining maximum output with the least possible input Signup and view all the answers