Which of the following accurately defines a firm's values?
A)They refer to procedures, processes, and routines that continuously expand existing resources or improve operating capabilities.
B)They refer to a firm's ranking of what is most important.
C)They refer to its leaders' beliefs about what is right and wrong, good and bad, desirable and undesirable.
D)They refer to factors of production that create economic value for the firm when employed.

Question

Quizplus · Accepted Answer

A firm's values are the beliefs and principles that guide its leaders in determining what is important, desirable, and ethical behavior. These values are often reflected in the firm's mission statement and inform its culture, decision-making, and relationships with stakeholders. Choices A, B, and D do not accurately define a firm's values.

Which of the Following Accurately Defines a Firm's Values