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1) What are the five functions of management? Give a brief description and example of each.
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2) What are the three management roles? Give a brief description and example of each.
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Business Decisions

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QuestionAnswer
1) What are the five functions of management? Give a brief description and example of each.
2) What are the three management roles? Give a brief description and example of each.
3) What are the three management skills? Give a brief description
4) How do I apply the decision-making process?
5) What is a strategic plan and how does it help manage the growth, profit, and goals of a business?
6) How do businesses determine what to produce in a market economy?
7) How does the law of supply and demand determine the equilibrium price of a good or service?
8) What do you need to calculate the opportunity cost of a particular course of action?
9) How is the equilibrium price of a good or service determined?
10) Which of the following types of costs are fixed costs and which are variable costs: overtime expenses, carpeting at the office, salary of the public relations director, rent income tax?
11) How is break even point calculated
12) Compare a market economy with a command economy. Which system allocates resources better?
13) What are three factors that affect consumer demand
14) What are two phases of the business cycle?
15) In which phase of the business cycle does unemployment rise
16) What is a leading economic indicator
17) Why do business managers need to understand the business cycle?
18) How did the United State entry into World War II pull the economy out of the Great Depression?
19) What is the difference between the concepts of scarcity and shortage? When does scarcity exist? When does shortage exist?
20) Why are companies more likely to lay off workers in the contractionary phase of the business cycle than the expansionary phase?
Created by: Zobrewer123
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