An example of a shortage is limited amounts of

foods available because the truckers carrying it are on strike

food available because few people want to buy it.

water available for irrigating a crop because it is used for other crops.

labor available because the workers have other jobs.

All of the following are types of decisions that can be made at the margin EXCEPT

whether or not to go on vacation.

whether or not to hire 100 new workers.

whether to leave early in the morning or late in the day for a trip.

whether to grow beans or corn on a large farm.

The purpose of a production possibilities graph is to

show alternative ways to use an economy's resources.

make it possible to increase an economy's output.

enable a country to mobilize to win a war.

keep an economy from having nonproductive workers.

An efficient economy is one that

uses its resources to make the most goods and services.

makes the best use of all its goods and services.

makes the least costly use of its resources.

has very few people who do not work for a living.

The law of increasing costs means that when an economy increases the production of one item

the opportunity cost increases.

the actual cost of making the item goes down.

the actual cost goes up but the opportunity cost goes down.

the production costs will increase.

The opportunity cost of a decision can be examined by using a

production possibilities graph.

Production possibilities frontiers curve when they are charted on a graph because they show

the increasing costs resulting in increasingly less output.

the technological level of the economy's productivity.

the underutilization of resources.

the maximum output of goods and services.

Why are all goods and services scarce?

Some goods cost more than others.

Some things are needs and others are wants.

Some people want to have more goods than others.

What is the opportunity cost of a decision?

The most desirable alternative given up for the decision.

The series of alternative decisions that could have been made.

The best possible way the question could have been decided.

The different ways that a different person might have made the decision.

Which of the following is the kind of decision that can be made at the margin?

Whether or not to hire new workers.

Whether or not to go on a vacation.

Whether to have a dog or a cat.

Whether or not to build an extra room on a house.

What does a production possibilities frontier show?

The maximum amount that an economy can produce.

Global trade-offs and the costs of doing business.

Scarce and less scarce resources.

An economy that is producing but not at the maximum.

The lack of which of the following represents a scarcity?

Enough workers to finish two jobs because there's a limited supply of workers.

Prune juice because very few people want to buy it.

Enough workers to work at night because the pay is too low.

Orange juice because the trucks carrying it are on strike.

Which of the following makes someone an entrepreneur?

Running a service that hires people to install sprinkler systems in lawns.

Inventing and selling the rights to manufacture a computer game.

Earning a lot of money as a computer programmer.

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Chapter One: Management Today The challenges of working in the new economy recognize: 1.1 Working Today Talent Talented people- What they know, what they learn and what they can achive The source of organisational performance Develop skills and improve What is intellectual capital The combined brain power and shared knowledge of an organization's employees TO orginzations: Intellectual capital resents a strategic asset as human creativity, insight and decision making can be converted into superior performance To individuals: Intellectual capital is a personal asset, one to be nurtured and continually updated Things evolve, make sure we keep updated Intellectual capital: The package on intellect skills and capabilities that set us apart making us valable to potential employers Maintaining your talent: There is no escaping the fact that your career success will require a lot of initiative, self awareness and continuous learning Technology Tech is in our everyday lives Latest developments Smart phone, smart apparel, smart cars, smart homes We struggle to keep up with social media ana staying connected with messaging, full of email and voicemail What happenings as younger workers advance into management Flexibility Work ethic It is critical to build and maintain a high Tech IQ! What is Tech IQ: The ability to use current technologies at work and in your personal life, combined with the commitment to keep yourself updated as technology continues to evolve Intellectual capi5la is a combination of: Commitment x Competency = Intellectual capital How to make the world a better place Globalisation The worldwide interdependence of resources flows, product markets and business competition Under the influence, government leaders worry and about the competitiveness of nations just as corporate leaders worry about business competitiveness Emerging markets will power global growth over the next 20 years. By 2025 overall global consumption is forecast to reach $62 trillion, twice its 2013 level and fully half of this increase will come from the emerging world Consequence: Going to fast in uses resources, inflation, corporate greed It's cheaper to have things made in different countries (wages are low and going down) Shamrock organization 1 leaf - full time employees- standard career paths 2 leaf - “freelancers” 3 leaf - Part times without benefits (first to lose their jobs when employers face economic difficulties) The rising of emerging markets Now account for 60% of all low and medium technology manufacturing worldwide Total value add in high tech manufacturing from a low 26% in the 1970s to 48% at present China strategy to upgrade its industries and move the manufacturing value ching by prioritising 10 sectors Information technology, robotic, aerospace, maritime equipment, modern railway equipment, alternative energy vehicles, power equipment, agriculture equipment, advanced materials, biopharma and medical products Ethics A code of moral principa;s that sets standards for conduct that is “good” and “right” as well as “bad” and “wrong” Enron company huge corruption even in elections same thing happened with The Mechanism 1.2 - Organizations Organizational Purpose An orgnizations is a collection of people working together to achieve a common purpose Unique social phenomenon that enables its members to perform tasks far beyond the reach of individual accomplishment (synergy) The broad purpose of any orginzation is to provide goods or services of value to customers and clients A clear sense of purpose tied to: Quality of products and services Customer satisfaction Social responsibility Can be an important source of organisational strength and performance advantage All organisations are open systems (Systems that interact with its environment for renewal and growth) Organizations as systems All organizations are open systems that interact with their environment Continual process of obtaining resource inputs-people, information, resources and capital- and transforming them into outputs in the form of finished goods and services for customers One simple way to assess the impact of any organisation is to ask the question: How is the world different because it existed Value Creation: Organisations create value when they use resources well to produce good products and take care of their customers One simple way to assess the impact of any organization is to ask the questions: How is the world different because it existed? The 3 Ps of organizational performance Profit - is the decision economically sound? People - Does the decision treat people with respect and dignity? Planet - Is the decision good for the environment? Productivity: An overall measure of the quantity and quality of work performance with recourse utilisation taken into account Performance effectiveness: An output measure of task or goal accomplishment Performance efficiency: An input measure of the resource costs associated with goal accomplishment. Workplace changes that impact management Focus on valuing human capital Demise of “Command and control” Emphasis on teamwork Pre-eminence of technology New workforce expectations Importance of networking Concern for sustainability 1.3 Managers Importance of human resources and manger People are not ‘costs to be controlled’ High performing organizations treat people as valuable strategic assets Three takeaways 1. Give leaders broad authority 2. Encourage them to think like CEO 3. Challenge strong performers ealy with big opportunities Direct support, supervise and help activate the work efforts of others The people who managers help are the ones whose contributions represent the real work of the organisation Types of managers Line managers are responsible for work activities that directly affect organization’s output Staff managers use technical expertise to advise and support the efforts of line workers Functional managers are responsible for a single area of activity Quality of work life (QWL) An indicator of the overall quality of human experiences in the workplace QWL Indicators Respect Fair pay Safe working conditions Opportunities to learn and use new skills Room to grow and progress in a career Protection of individuals rights The organization as an upside-down pyramid A manager’s job is to support worker’s efforts The best managers are known for helping and supporting Customers at the top served by worker who are supported by managers 1.4 The management Process Managers achieve high performance for their organizations by best utilizing its humans and material resources Management is the process of planning, organizing, leading and controlling the use of resources to accomplish performance goals All managers are responsible for the four functions The functions are carried on continually Characteristics of managerial work Long hours Intense pace Fragmented and varied tasks Many communication media Filled with interpersonal relationships Managerial agendas and networks Agenda setting Develops action priorities for accomplishing goals and plans Networking Process of building and maintaining positive relationships with people who can help advance agendas Social Capital Capacity to attract support and help from others Learning The change in a behaviour that results from experience Lifelong learning The process of continuously learning from daily experiences and opportunities

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