ACCT 001A Lecture 1: kef_deigma_business
Document Summary
Business administration is the process of managing workers and allocating resources efficiently and effectively by applying microeconomic principles. The goal is to achieve stability, growth and profitability for a business. Business administration is a function of organizational structure, the desired system of task allocation, coor- dination and supervision. Some businesses choose to have a hierarchical structure, in which stockholders, a board of directors, an executive committee and managers work together through a system of checks and balances to achieve desired objectives. Depending on the organizational structure, some or all of these business adminis- trators work together to apply business principles such as accounting, marketing, finance and management to effectively work toward their common goals. People have been managing work for hundreds of years, and we can trace formal management ideas to the 1700s. But the most significant developments in management theory emerged in the 20th century.
