ECON1013 Lecture Notes - Lecture 1: Cup-Bearer, Determinism, Critical Thinking
Document Summary
People draw resources from the external environment, manage their transformation into outputs that they hope are of greater value. They pass these back to the environment and hope to get value in return (money, reputation) to attract new resources to continue in business. An organisation is a social arrangement for achieving controlled performance towards goals that create value. Managers build organisations with resources and competences to satisfy the people"s needs. Tangible resources are the physical assets of an organisation such as plant, people and finance. Intangible resources are non-physical assets such as information, reputation and knowledge. To transform resources into valuable goods people work together to develop effective ways of working. These competences are the skills and abilities which an organisation uses to deploy resources effectively systems, procedures. Value is added to resources when they are transformed into goods or services that are worth more than their cost.
