SBA

Economics

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

microeconomics

only deals with individuals, households, and specific companies.

macroeconomics

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

Scarcity of resources

______- leads one to explore the economics of things.

Scarcity

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

shortage

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

Rationalization

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

opportunity cost

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

feeling of inadequacy or distress

Human needs and wants, when not satisfied, results to a______

Primary needs

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

secondary needs

are those that are directly associated with one’s happiness or a person’s elevated status in society

diminishing returns

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

Economic activities

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

human needs and wants

This is the reason why _________ are identified as the fundamental cause of any economic activity.

consumption goods

Goods that directly satisfy human needs and wants are called .

capital goods

are those goods that indirectly satisfy human needs and wants

Human resources management

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.

diminishing returns

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

human needs and motivations

All the economic activities are motivated by either directly or indirectly satisfying ——-

Man-made or capital resources

______ are those goods that were produced by men from combining natural resources and were created for an identified purpose

natural resources

What exists in nature such as land and bodies of water are _______

Human resources

_________ come in the form of labor services such as doctor, a writer or a fisherman.

Organizational design

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

Staffing

___ 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.

recruitment and selection

Corollary functions to staffing are _______.

planning and job analysis

corollary functions of Organizational design

rewards, benefits and compensation system

_____ 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.

rewards, benefits and compensation system

Its compliance component includes the legal aspects of human resource management.

training and development

Employee and organizational__________ 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.

Performance management and appraisal

_________ uses performance evaluation tools developed and adopted by the organization to help identify interventions to enhance work efficiency.

Job analysis

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

Job analysis

Its immediate products are job description and job specification.

Job description

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

Job specification

____, on the other hand, 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.

Job analysis

_______ 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.

Planning

_______ pertains to formulating strategies of personnel programs ahead of use and will contribute to overall organizational goals.

organizing

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

directing

_________ 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.

Staffing

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

Recruitment

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

Selection

_________ is the process of determining the qualification, knowledge, skills, attitude, experiences and values of an applicant with the purpose of ascertaining job suitability.*** involves screening of applicants, having applicants take tests or other methods of screening and shortlisting such as interviews, reference and background verification, medical job candidates include aptitude test, psychomotor test, job knowledge test, vocational or interest test, personality test and group discussion participation test, interview types, on the other hand, can be informal, formal, planned, patterned, nondirective, in-depth, stress, group or panel. It is normal that the applicant’s fit to the company culture is considered at this point.

Placement

____is the process of giving the selected candidates the most suitable job in terms of the organizational requirement and the prospective employees’ qualification after the formalities of screening. This phase of matching then leads to eventual orientation. Varied techniques are adopted to ensure employee orientation and to introduce a new hire to his new work environment, introducing him to people, practices, purposes and policies of the organization. A good orientation program is critical in improving employee morale in reducing employee turn over, in curtailing absences, in lessening work accidents and in avoiding industrial strife

Benefits

as are indirect payments for working beyond what a job requires.

Training and development

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

Training

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

development

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

Performance management and appraisal

defines the direction and movement of the careers of people in the organization. This systematic assessment of an individual’s job performance and their potential for advancement results in further training, coaching or correction as needed.

promotion, transfer or retention.

The results of performance appraisal may be