Question

Enumerate the 3 economics objective of management

Answer 1

The objectives are business growth, profit maximisation and business survival.

• The primary goals of management are to develop a plan for the firm's expansion, boost profits, and guarantee market survival.
• The three economic objectives include -

1. Business Growth - Management uses earnings to expand the enterprise. This is represented in commodity production, staff expansion, or capital investments.
2. Business Survival - Every enterprise must be able to last for a considerable amount of time, thus management makes wise choices to make sure this happens.
3. Profit Maximisation - Making a profit is crucial as it is necessary for its existence. Management through its facets makes sure that enough profit is generated.
   
4. #SPJ3