Quick answer: A business cycle has five phases: depression (very low output and high unemployment), recovery (demand and investment start
Quick answer: Demand forecasting estimates future sales so a business can plan. Its objectives are to set production policy and
Quick answer: An indifference curve shows all the combinations of two goods that give a consumer the same level of
Quick answer: Management has many features of a profession: a systematic body of knowledge, formal education and training, management associations
Quick answer: Management is both an art and a science. It is a science because it rests on organised knowledge,
Quick answer: A functional structure groups people by specialist function such as production, marketing and finance. Advantages: specialisation, efficiency, clear
Quick answer: Managers make sound decisions in eight steps: identify the problem, diagnose its real cause, collect relevant information, develop
Quick answer: Employees can be motivated in six ways: positive (rewards and recognition), negative (fear of penalties, used sparingly), individual
Quick answer: Good planning is goal-oriented, comes first among management functions, exists at every level, is continuous, flexible and future-oriented,
Quick answer: Modern businesses need management to achieve their goals, run large and complex operations smoothly, design a sound organisation