How are budgets used for a company or in government? What would your suggestions be to balance our economic budget?
- After identifying suggestions for balancing the economic budget explain the importance of being able to identify various “variances” that may be identified? You may use any examples you want.
What are the advantages and disadvantages of decentralization? Would you prefer to work in a centralized or decentralized organization and why?
- What are opportunity costs and what are the economic benefits? Can you think of various industries that these types of costs and benefits could be applied?