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Econ 104 Exam Review Guide

by: Keith Oliphant

Econ 104 Exam Review Guide ECON 104

Marketplace > Pennsylvania State University > Economcs > ECON 104 > Econ 104 Exam Review Guide
Keith Oliphant
Penn State
GPA 3.91
Macro Economics
Adrienne Kearney

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About this Document

Macro Economics
Adrienne Kearney
Study Guide
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This 5 page Study Guide was uploaded by Keith Oliphant on Monday February 9, 2015. The Study Guide belongs to ECON 104 at Pennsylvania State University taught by Adrienne Kearney in Fall. Since its upload, it has received 248 views. For similar materials see Macro Economics in Economcs at Pennsylvania State University.

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Date Created: 02/09/15
Chapter 1 Management Notes What does it take to be a manager 0 Organization Have different types and levels of managers 0 Accountability Is a cornerstone of managerial performance 0 Effective managers help others achieve high performance satisfaction 0 Managers must meet multiple and changing expectations Managers people who directly supervise support and help activate work efforts to achieve the performance goals of individual39s teams or even an organization as a whole First line managers A team leader or supervisor who is formally in charge of a small work group composed of non managerial workers Middle line managers Persons in charge of relatively large departments or divisions consisting of several smaller work units or teams Top managers Are part of a senior management team that is responsible for the performance of an organization as a whole or for one of its larger parts They must be alert to trends and developments in the external environment recognize potential problems and opportunities set strategy craft the internal culture build a talent pool and over lead the organization to success Board of directors are elected by stockholders to represent their ownership interestnonpro t org hospitals Governance Oversight of top management by an organizations board of directors or boa rd of trustees Even though there are different levels of managers they all share a common responsibility helping others do their best work Management is all about learning how to best manage the dynamics of accountability and dependency as shown in the small gure Management Skills Accountability the requirement of one person to answer to a higher authority for performance achieved in his or her area of work responsibility Flows upward Always accompanied by dependency 12 Effect Manager successfully helps others achieve high performance and satisfaction in their work Quality of work life is the overall quality of human experiences in the work place Upside down pyramid A real expression of what It means to act as a coach rather than an order giver What do managers do and what skills do they use Managerial work is often intense and demanding Managers plan organize lead and control Managers enact informational interpersonal and decision roles Managers pursue action agendas and engage in networking Managers use a variety of technical human and conceptual skills Managers can and should learn from experience Non stop work and they always have to be improving Th llflljll llfll l l lljlljll l ll39lllE lrmmr l l l roles Focus on the receiving amp analyzing o Informational giving of information o Interpersonal roles re ect interactions with people inside amp outs of work unite Decisional roles involve using information to make decisions to solve problems or address opportunities 0 The work days for most managers are hectic and the pressure for improving performance is often intense long hours intense pace garmented and varied task lots of communication Fill with interpersonal relationships 0 Agenda setting involved identifying clear action priorities 0 Networking manager build and maintain positive relationships with other people ideally those whose help might be useful someday Social capitalis the capacity to attract support and help from others to get things done Managers use a variety of technical human and conceptual skills 0 Technical skill is the ability to use expertise to perform task with pro ciency 0 Human Skill is the ability to work well in cooperation with other people 0 Conceptual Skill The ability to think analytically and solve complex problems Emotional intelligence is the ability to manage our relationships and ourselves effectively Five foundations of emotional intelligence Self awarenessunderstanding moods and emotions Self regulation thinking before acting controlling disruptive impulses Motivationworking hard and persevering Empathyunderstanding the emotions of others Social Skillsgaining rapport and building good relationships Six skills a manager must have Teamwork Self management Leadership critical thinking professionalism communication 13 Topics What are some important career issues in the new work place Globalization and job migration are changing the world of work Failures of ethics and corporate governance are troublesome Diversity and discrimination are continuing social priorities Intellectual capital and self management skills are essential for career success 1Gobaization is the worldwide interdependence of resource ows product markets and business competition Global sourcinginvolves contracting for work to be performed in other countries Job migrationoccurs when global outsourcing shifts jobs from one country to another 2 Ethics A code of moral principles that sets standards of living conduct for what is good and quotrightquot opposed to quotbad and Wrong Corporate Governance is oversight of a company s management by a board of directors 3 Workforce diversity describes the differences among workers in gender race ethnicity religion sexual orientation and physical ability Glass Ceiling effect is an invisible barrier limiting career advancement of women and minorities to higher position Prejudice is the display of negative irrational attitudes toward women or minorities Discrimination actively denies women and minorities the full bene ts of organizational membership Reshoring moves jobs back from foreign to domestic locations 4Free agent economy people change jobs more often and many work on independent contracts with a shifting mix of employers Shamrock Org operate with a core group of full time long term workers supported by others who work on contracts and part time Intellectual capital is the collective brainpower or shared knowledge of a work place Intellectual capital equation is CCompetency commitment Knowledge workers use their minds and intellects as critical assets to employers Self management is the ability to understand oneself exercise initiative accept responsibility and learn from experience


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