Midterm Review GMS200
Chapter 1
1. What does the term Global Management mean?
Global management is the management of operations in more than one country
2. Define Global Economy (See Text)
In the global economy, resources, markets, and competition are worldwide in scope. It pretty much means how well all the countries are doing as one in terms of economy, resources, markets and competition.
3. In a competitive global business landscape, the increasing demand for talented knowledge workers is primarily due to the increasing use of low cost production.??????

4. The age gap in today's workplaces is one of the diversity issues that may create major challenges for managers.
(true) The age gap in today's workplace is one of the diversity issues that may create major challenges for managers.

5 The recruitment and retention of talented workers is one of the major challenges faced by mangers in a globally competitive economy. ???????

6. According to Katz's framework on essential managerial skills, low-level managers need to develop more conceptual skills then top-level managers.
(false). Lower level managers need to consist of a lower level of conceptual skills then top-level managers, equivalent human skills and lower level managers need to consist of a higher level of technical skills then the top level managers.
7. What are the key conditions that describe the general business environment?
The key conditions that describe the general business environment are: 1. Economic Conditions - Be concerned about the overall health of the economy meaning financial markets, inflation, income levels, GDP, unemployment and job outlook, customer spending, resource supplies and investment capitals 2. Legal Political Conditions - be concerned that they are following all he laws and not going against it 3. Technological Conditions