Quarter 1 | Module 4: Phases of Economic Development and Forms of Business Organizations (2/2) Flashcards
It is 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.
business organization
This pertains to business organizations that group together those
with similar or related specialized duties that introduce the concept
of delegation of authority to functional managers.
functional business organization
It is a collection of people working together to achieve a common
purpose.
organization
It is a business entity involving five or more persons owning it.
corporation
World leaders gathered for the Millennium Summit and adopted the United Nations (UN) Millennium Declaration.
September 2000
NEDA means ____
national economic and development authority
It is a business formed when two or more partners formally agree to
be joint owners of a business.
partnership
It is a total process which includes not only economic growth or the
increase in the given amount of goods and services produced by the
country’s economy, but also considers the social, political, cultural,
and spiritual of country’s growth.
economic development
It is a set of beliefs and values shared by organization members
which guide them as they work together to achieve their common
purpose.
organizational culture
He is the first development economist
Adam Smith
It increases in the given amount of goods and services produced by
the country’s earning.
economic growth
It is a business owned by one person only.
Sole/Single Proprietorship
Growth that is rapid enough to matter, given the country’s large
population, geographical differences, and social complexity
Inclusive Growth
These are distinct stages involved in the total process of economic
development in a particular country.
Economic Development Phases
It is where the organization 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.
Team Structure
