MGM101H5 Study Guide - Midterm Guide: Double Taxation, Sole Proprietorship, Limited Liability

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Management: the art of getting things done through people. Incentive: a factor, monetary or nonmonetary, that motivates individuals to pursue a particular course of action. Competencies: a manager"s skills, values, and motivational preferences. Values: stable, evaluative beliefs that guide our preferences for outcomes or courses of action in a variety of situations. Espoused values: what people say is important to them. Shared values: values held in common by several people. Ethical values: values that society expects people to follow because they distinguish right from wrong in that society. Managerial motivation: desire to compete for management jobs, desire to exercise power. Personalized power orientation: seeking power for personal gain. Socialized power orientation: accumulating power to achieve social or organizational objectives: desire to be distinct or different, desire to take action. Stakeholder: an individual, institution, or community that has a stake in the operations of an organization and in how it does business.