Chapter 1

Question 1

two branches of economics

Answer 1

microeconomics and macroeconomics

Question 2

The former only deals with individuals, households, and specific companies.

Answer 2

microeconomics

Question 3

The latter deals with the society as whole and its dynamic relationship with the rest of the world.

Answer 3

macroeconomics

Question 4

Economics seeks to answer the question of

Answer 4

what, how, and for whom a good or service is produced.

Question 5

_ of resources leads one to explore the economics of things.

Answer 5

Scarcity

Question 6

It refers to the existence of limited resources that are not enough to address unlimited human needs or demands.

Answer 6

Scarcity

Question 7

refers to a market occurrence whereby the demand is more than the supply available at a given time.

Answer 7

shortage

Question 8

_is the study of how to manage money and the financial status of an individual, an enterprise, an organization, or a country.

Answer 8

Economics

Question 9

2 types of needs

Answer 9

Primary needs & secondary needs

Question 10

_ _ are those that are essential for one’s survival, these are resources that an individual cannot live without.

Answer 10

Primary needs

Question 11

Meanwhile, _ __are those that are directly associated with one’s happiness, or a person’s elevated

Answer 11

secondary needs

Question 12

The loss from setting aside the value of pursuing other alternatives with the same amount is referred to as the _ _

Answer 12

opportunity cost.

Question 13

_allows one to evaluate the value of the goods being obtained based on the cost that must be expended for its exchange.

Answer 13

Rationalization

Question 14

___ involves the monitoring of the culture of the organization, and is responsible for the recruitment of appropriate workforce, in the recommendation of market-based compensation and benefits that are in accordance with the company’s current and potential resources and in the crafting of an overall strategic employee development plan.

Answer 14

Human resources management

Question 15

It is also the management function that conducts research and makes policies and recommendations, which are implemented to benefit, attract, and retain the best employees.

Answer 15

Human resources management

Question 16

HRM covers five functional areas: organizational design;

Answer 16

staffing;
rewards,
benefits, and
compensation system;
training and development;
and performance management and
appraisal system.

Question 17

__ is about ensuring that there is an employee-job fit for all the positions in an organization to fulfill its mission. This is done through the corollary functions of planning and job analysis.

Answer 17

Organizational design

Question 18

__deals with the recruitment of individuals whose skills, abilities, knowledge, and experiences are deemed appropriate for the jobs in the organization that needs to be filled. Corollary functions to staffing are recruitment and selection.

Answer 18

Staffing

Question 19

__ that includes compliance, rewards based on job evaluation, and direct and indirect employee benefits and compensation. Its compliance component includes the legal aspects of human resource management.

Answer 19

design of rewards, benefits, and compensation system

Question 20

__ seek to ensure that employees have the necessary knowledge and skills that will allow them to satisfactorily perform their jobs and steer the company toward its advancement in its sector.

Answer 20

Employee and organizational training and development

Question 21

__ uses performance evaluation tools developed or adopted by the organization to help identify interventions to enhance work efficiency. This lesson will help students

Answer 21

Performance management and appraisal

Question 22

A __ outlines the human resource management plan.

Answer 22

job analysis

Question 23

__ is the process of collecting and studying various factors that are related to the operation and responsibilities of a specific job.

Answer 23

Job analysis

Question 24

Its immediate products of job analysis

Answer 24

are job description and job specification.

Question 25

contains the job title, location, summary of duties, machines, tools, equipment needed to perform the job, and materials and forms that will be used to perform the job, including the supervision that is expected to be given or received, as well as working conditions and possible risks.

Answer 25

Job description

Question 26

contains the statement of manpower qualification for a specific job. This includes the required minimum education, experience, training, judgment, initiative, physical effort, skills, responsibilities, communication level, and emotional and social characteristics.

Answer 26

Job specification,

Question 27

__ refer to production, distribution, and consumption of goods and services.

Answer 27

Economic activities

Question 28

would refer to the movement of both goods and services in a production, consumption, and distribution process to satisfy human needs and wants.

Answer 28

Economic activities

Question 29

An _ _ is a means by which an individual’s needs and wants may be directly or indirectly satisfied. For example, a cup of rice is an economic resource as it provides the food requirement of an individual, just as a rice plantation

Answer 29

economic resource

Question 30

The goods that go around these economic activities are classified as to either__ or

Answer 30

tangible or intangible.

Question 31

are what we refer to as wants.

Answer 31

secondary needs

Question 32

_is the degree of satisfaction derived from the consumption of a good or service. When satisfaction is gained from any of the economic activities, other principles come into play.

Answer 32

Utility

Question 33

It is no longer rational to continue the use and spending for a product when its degree of usefulness or utility has been maximized, or saturation point has been reached.

Answer 33

diminishing marginal utility

Question 34

When the consumption of a product is lower than the amount of energy spent on it, diminishing returns happen.

Answer 34

principle of diminishing marginal returns.

Question 35

_ is required in human resource planning, recruitment and selection, training and development, job evaluation and performance appraisal, the creation of a compensation and rewards system, and the establishment of health and safety policies.

Answer 35

Job analysis

Question 36

is an essential process of allocation of tasks amongst members of a specific structure, with identified relationships, responsibilities, and accountabilities within an integrated activity toward the achievement of a common goal.

Answer 36

organizing

Question 37

is a function that allows for the activation of people at various levels of skills and tasks, and ensures that each one is able to maximize his or her contribution to organizational goals.

Answer 37

directing

Question 38

comes after planning, organizing, and directing, and necessitates the review of the employees’ actual performance. It also includes verifying deviations and comparing results from identified plans, and offering corrective actions for improvement.

Answer 38

Controlling

Question 39

__comes after job analysis and human resource planning. It includes recruitment, selection, placement, and orientation.

Answer 39

Staffing

Question 40

__is the process of searching for prospective employees and providing an encouraging environment for them to pursue their job application in the organization.

Answer 40

Recruitment

Question 41

Recruitment may be both _and __ to the organization.

Answer 41

internal & external

Question 42

__ can be in any of the following forms: promotion, transfer, job posting, or employee referrals.

Answer 42

Internal recruitment

Question 43

can be in the form of advertisement, through direct recruitment, via employment exchanges, using employment agencies, networking with professional associations, campus recruitment, or even word of mouth announcements.

Answer 43

External recruitment

Question 44

is the process of determining the qualifications, knowledge, skills, attitude, experiences, and values of an applicant with the purpose of ascertaining job suitability

Answer 44

Selection

Question 45

is the process of giving the selected candidate the most suitable job in terms of the organizational requirement and the prospective employees’ qualifications after the formalities of screening.

Answer 45

Placement

Question 46

A _ _ _is critical in improving employee morale in reducing employee turnover, in curtailing absences, in lessening work accidents, and in avoiding industrial strife.

Answer 46

good orientation program

Question 47

_ _ _ defines the direction and movements of the careers of people in the organization.

Answer 47

Performance management and appraisal

Question 48

Examples of curated evaluation models would include

Answer 48

Management by Objectives by Drucker,
the Behavioral Anchored Rating Scale or BARS,
the trait-based appraisal, human resource audit, and the
360-degree performance appraisal.

Question 49

_is a direct reward for the work done, _ emanate from a defined company incentive program.

Answer 49

compensation ; benefits

Question 50

_are indirect payments for working beyond what a job requires.

Answer 50

Benefits

Question 51

_ & _ are the process of creating avenues for employee improvement, reskilling and up-skilling for managerial development, career planning, and transfer or promotion.

Answer 51

Training and development

Question 52

__is the imparting of technical and operational skills that are needed for the current job.

Answer 52

Training

Question 53

Meanwhile, _is the process of conducting suitable programs to improve one’s human and managerial capability to handle a more expansive role in the organization.

Answer 53

development

Question 54

Having the__ __ __ is an emphasis in the task of human resource management, a climate that celebrates and rewards the advancement of people in their education, exposure, and training because these steps ultimately contribute to a happier work force and a more efficient organization.

Answer 54

right organizational climate