Intro to Management Functions - Economic Challenges

Vocabulary flashcards covering key terms and concepts from the 'Intro to Management Functions' lecture notes, focusing on Economic Challenges.

Natural resources

e.g., Agricultural land, building sites, forest, and mineral deposits

Capital

Technology (machinery, equipment, software, etc.), Tools, Information, Physical facilities

Human resources

Physical labour and intellectual effort

Entrepreneurship

Willingness to take risks to create and operate a business

Business ethics

Standards of conduct and moral values involved in decisions made in the work environment

Social responsibility

Management philosophy that includes contributing resources to the community, preserving the natural environment, and developing or participating in not-for-profit programs designed to promote the well-being of the general public.