5 Questions
What are the five resources necessary for the operational activities of an enterprise?
Land, materials, energy, machines, and human resources
What is the responsibility of management in an enterprise?
To combine enterprise resources to achieve the highest productivity
What is the importance of balancing resources in an enterprise?
It ensures the highest productivity
What happens when management fails to harness and coordinate enterprise resources?
The enterprise will fail in the end
What is the implicit factor of production or input that is used to finance the purchase of enterprise resources?
Capital
Study Notes
Resources Necessary for Operational Activities
- Five essential resources needed for an enterprise's operational activities:
- Human resources (personnel and labor)
- Natural resources (raw materials and energy)
- Capital resources (financial and investment)
- Technological resources (equipment, machinery, and infrastructure)
- Informational resources (data, knowledge, and expertise)
Management's Responsibility
- Management's primary responsibility is to:
- Acquire and allocate resources efficiently
- Coordinate and utilize resources effectively
- Ensure optimal resource utilization to achieve enterprise goals
Importance of Balancing Resources
- Balancing resources is crucial to:
- Ensure sustainability and profitability
- Avoid resource waste and inefficiency
- Maintain competitiveness in the market
Consequences of Mismanaged Resources
- Failure to harness and coordinate enterprise resources leads to:
- Inefficiency and waste
- Decreased productivity and competitiveness
- Potential enterprise failure
Implicit Factor of Production
- The implicit factor of production or input used to finance the purchase of enterprise resources is:
- Capital (financial resources)
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