LEGAL ASPECT

How businesses are structured and how their structure helps them meet their goals?

Businesses that are designed to focus on either generating profit or improve society

When a business focuses on generating profits

When an organization focuses on improving the social good throught the arts, education, health care, or some other area.

Manual labor was largely replaced by machine-based labor. Industry developed around factories in which machines, not people, were the primary tools of production.

In 1776 a Scottish economist published An Inquiry of the Nature and Causes of the Wealth of Nations, which highlighted the division of labor in production.

English mathematician and inventor (1791-1871) also studied the division of labor in production. He applied the methods of science and mathematics to his analysis of an organization, management, planning, and labor in factories.

The theories of scientific management were developed by American engineer (1856-1915), who organizes the theory into five essential principals

The _____ principle called for the shifting of responsibility within a business organization from the worker to the manager

The ______ principle called for using scientific methods to gain maximum efficiency in the production of goods