PoM Flashcards
organization
a collective effort to achieve specific objectives
efficiency
using minimal resources to achieve goals
effectiveness
choosing appropriate means to reach goals
basic variables
- fixed costs
- variable costs
- break even point
- marginal revenue
- marginal costs
transaction costs
costs incurred in market transactions
horizontal integration
combining firms in the same industry
vertical integration
combining firms at different production stages
joint stock corporation
business entity allowing share ownership
MNE
- multinational enterprise
- firm operating in multiple countries
power structures
influence dynamics within organizations
critical management studies
examines organizational problems like exploitation
market failures
inefficiencies requiring government intervention
public sphere
political domain distinct from private business
private sphere
domain of individual business activities
management role
coordinating activities in organizations
emergent processes
unplanned development within organizations
organizational structure
framework defining roles and responsibilities
strategic management
focus on long-term competitive success
complex organizations
firms with intricate structures and roles
cognitive reasons
challenges in maximizing due to understanding limits
ethical reasons
moral implications of profit maximization
role of markets
efficient resource allocation mechanism
governance
supervision of managers to align interests
modern technologies
enable large scale production in organizations