Collaboration and Coordination Flashcards
1
Q
What is Collaboration?
A
‘Working with others to accomplish tasks’
2
Q
What is Division of Labour?
A
‘The splitting up of a composite task into smaller parts and having them performed by seperate agents’
3
Q
Coordination
A
“the organization and direction of different units of a complex body or activity to enable them to work together effectively”
4
Q
Opportunity Cost?
A
Next best alternative forgone
5
Q
What are the two different types of economies?
A
Free Market Economy
Command Economy
6
Q
What happens to Demand when Supply increases?
A
Demand Decreases
7
Q
In a supply and demand diagram, If supply increases where does the graph shift?
A
TO the right
