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101OM > Quarter 1 | Module 4: Phases of Economic Development and Forms of Business Organizations (1/2) > Flashcards

Quarter 1 | Module 4: Phases of Economic Development and Forms of Business Organizations (1/2) Flashcards

1
Q

a total process which includes not only economic
growth or the increase in the given amount of goods and a service produced by the
country’s economy, but also considers the social, political, cultural, and spiritual
aspects of the country’s growth.

A

economic development

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2
Q

the distinct stages involved in the total
process of economic development in a particular country.

A

economic development phases

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3
Q

HDI stands for

A

Human Development Index

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4
Q

Economic development phases include

A

economic growth, improvement of HDI, availability of benefits provided by science and technology, and societal improvement of the opportunities and general welfare of its members

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5
Q

the increase in the given amount of goods and services
produced by the country’s earning.

A

economic growth

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6
Q

economic growth involves

A

the increase in real value of GDP/GNI per capita and increases in the productivity of factors of production

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7
Q

GDP stands for

A

Gross Domestic Product

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8
Q

GNI stands for

A

Gross National Income

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9
Q

the first development economist

A

Adam Smith

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10
Q

work of Adam Smith

A

The Wealth of Nations

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11
Q

when was The Wealth of Nations published

A

1776

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12
Q

The scientific study of the processes and
problems of society in Asia, Africa, and North America has emerged only over the
past

A

50 years

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13
Q

means, first of all, growth that is rapid enough to matter, given
the country’s large population, geographical differences, and social complexity. It
is a sustained growth that creates jobs, draws the majority into the economic and
social mainstream, and continuously reduces mass poverty.

A

inclusive growth

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14
Q

UN stands for

A

United Nations

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15
Q

in september 2000, world leaders gathered by the millennium summit, and thus adopted the United Nations Millennium Declaration. By doing so, they had:

A

committed their nations to a global partnership toward the reduction of extreme poverty and the persuit of the MDG

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16
Q

MDG stands for

A

Millennium Development Goals

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17
Q

UNDP stands for

A

United Nations Development Programme

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18
Q

NEDA stands for

A

National Economic and Development Authority

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19
Q

PDP stands for

A

Philippine Development Plan

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20
Q

the world’s time-bound and quantified targets
for addressing extreme poverty, hunger, disease, lack of adequate shelter, and
exclusion ̶ while promoting gender equality, education, and environmental
stability

A

Millennium Development Goals

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21
Q

adopts a framework of inclusive growth, which is high growth that is sustained, generates mass
employment, and reduces poverty.

A

Philippine Development Plan 2011-2016

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22
Q

ASEAN stands for

A

Association of Southeast Asian Nations

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23
Q

AEC stands for

A

ASEAN Economic Community

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24
Q

ILO stands for

A

International Labor Organization

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25
Q

ADB stands for

A

Asian Development Bank

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26
Q

The form of a business organization may depend on ______, _______, and _______. However, a business organization’s form may change
with the changing times and the demands they present.

A

its purpose, nature of operations, and resources

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27
Q

a collection of people working together to achieve a common
purpose.

A

organization

28
Q

a collection of people working together to achieve a
common purpose in relation to their organization’s mission, vision, goals, and
objectives, sharing a common organizational culture.

A

business organization

29
Q

the set of beliefs and values shared by organization
members which guide them as they work together to achieve their common
purpose.

A

organizational culture

30
Q

three main types of business organizations

A

sole/single proprietorship, partnership, corporation

31
Q

a business owned by one person only

A

sole/single proprietorship

32
Q

a business formed when two or more partners formally
agree to be joint owners of a business.

A

partnership

33
Q

a business entity involving five or more persons owning it.

A

corporation

34
Q

a group of enterprise made up of
several trades, consumers, or producers who are
interested to produce or trade as a group.

A

cooperative

35
Q

advantages of sole/single proprietorship

A
  • creation is simple and
    low cost
  • owner gets all the profits
  • decision-making is the
    sole responsibility of the
    owner
36
Q

disadvantages of sole/single proprietorship

A
  • owner is liable to all
    risks and losses
  • limited capital and other
    resources
  • solo owner has to do
    long hours of work
37
Q

advantages of partnership

A
  • establishment is easy
  • equal division of profits
    based on their agreement
    as partners
  • availability of a pool of
    skills, knowledge, and
    talents
38
Q

disadvantages of partnership

A
  • business control is
    limited since it has to be
    shared with other
    partners
  • profits are shared
  • wrong decisions made by
    a partner are binding to
    other partner/s
  • invested property
    becomes the joint
    property of both all
    partners
39
Q

advantages of corporation

A
  • less liability of
    stockholders
  • capability to attract
    larger amount of capital
  • transfer of stock
    ownership is easier
  • large pool of talents,
    skills, and knowledge
  • division of profits is fair,
    depending on number of
    stock units owned
40
Q

disadvantages of corporation

A
  • major decisions cannot
    be done easily, even if
    urgent, without the
    approval of the board of
    directors
  • corporate and individual
    profits are taxed
    separately, resulting in
    double taxation and
    additional expenses
  • more rules and
    regulations have to be
    complied with
41
Q

advantages of cooperative

A
  • different type may be formed (farmers’ producers or credit cooperatives)
  • may apply for tax exemption
  • large pool of talents, skills, and knowledge
  • limited liability of members
42
Q

disadvantages of cooperative

A
  • business control is shared
  • ideas and decisions made by the board of directors have to be accepted by the members
43
Q

Change is constant and organizations continue to undergo various changes to
ensure _____, _____, and _____ in the world of business

A

effectiveness, efficiency, and relevance

44
Q

The packing order of each employee; a company is a system that defines it’s
hierarchy; each employee’s position is identified,
including their function and who they report to
within the firm; it outlines how activities including task
allocation, supervision, and coordination are
directed towards the aims and goals of the
organization.

A

Organizational Structure

45
Q

types of business organizational structures

A

Simple, functional, divisional, profit, nonprofit, open/flexible

46
Q

other forms of business organizations

A

team structures, matrix business organizations, project business structure, boundaryless business organization, virtual business organization

47
Q

these refers to business organizations with few
departments, centralized authority with a wide span of control, and with few formal
rules and regulations. These are easy to manage because of their simple form.
However, change of form follows as the company expands its operation.

A

Simple business organizations

48
Q

these pertain to business organizations that
group together those with similar or related specialized duties that introduce the
concept of delegation of authority to functional managers like the personnel
manager, sales manager, or financial manager but allow CEO’s to retain authority
for strategic decisions.

A

functional business organizations

49
Q

these are business organizations made up of
separate business units that are semi-autonomous or semi-independent, with
division head responsible for his or her unit’s performance.

A

divisional business organizations

50
Q

these are business organizations designed for the
purpose of achieving their organization’s mission, vision, goals, and objectives and
maintaining their organizational stability through income generation and profitmaking activities. Immediate revenues or cost factors account for their success or
failure.

A

profit business organizations

51
Q

these are business organizations designed for the
purpose of achieving organization’s mission, vision, goals, and objectives, providing
service to clients without expecting monetary gains or financial benefits for their
endeavours. Their success or failure may be measured by the high or low
evaluation scores they obtain.

A

non-profit organizations

52
Q

these are formed to meet today’s
changing work environment.

A

open/flexible business organizations

53
Q

where organizations as a whole is made up of work
teams (small, but focused) that work together to achieve the
organization’s purpose; popular in collectivist culture.

A

team structures

54
Q

those which assign experts or specialist
belonging to different functional departments to work together on one or
more projects; exhibits dual reporting relationships in which managers
report to two superiors – the functional manager and the divisional
manager.

A

matrix business organizations

55
Q

a business organizational form with a
flexible design, where the employees continuously work on projects
assigned to them; projects may be short-term or long-term and members
disband when the project is completed.

A

project business structure

56
Q

a business organization whose
design eliminates vertical, horizontal, or external boundaries, and is
described to be flexible and unstructured; there are no barriers to
information flow and, therefore, completion of work is fast.

A

boundaryless business organization

57
Q

made up of a small group of full-time
workers and outside experts who are hired on a temporary basis to work
on assigned projects; members usually communicate online.

A

virtual business organization

58
Q

the Philippines is a

A

service oriented economy

59
Q

in the first quarter of 2023, the service sector contributes

A

60.6%

60
Q

in the first quarter of 2023, the industrial sector contributes

A

29.3%

61
Q

in the first quarter of 2023, the agricultural sector contributes

A

10.1%

62
Q

11M oversees Filipino contributes

A

20% of GDP ($38B remittance)

63
Q

The philippines is only ____ of ____________

A

only 10% of global market share

64
Q

what makes economic growth different from economic development

A
  • it is the positive change in the real output of the country in a particular span of time
  • concept is narrow
  • scope is the increases in the indicators like GDP per capita income, etc.
  • term is short term process
  • applicable to developede economies
  • it can be measured by the upward movement in national income
65
Q

what makes economic development different from economic growth

A
  • it involves the rise in the level of production in an economy along with the advancement of technology, improvement in living standards, and so on.
  • concept is broad
  • scope is the improvement in life expectancy, infant mortality, literacy, and poverty rate
  • term is long term process
  • applicable to developing economies
  • it can be measured by the upward movement in real national income
66
Q

made up of any other group that has an actual or potential interest or affects the company’s ability to serve its customers.

A

partners

101OM (8 decks)

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