effort to minimise production costs‚ the fundamental questions he or she faces are: (f) How can production be optimized or costs minimised? (g) What will be the beaviour of output as inputs increase? (h) How does technology help in reducing production costs? (i) How can the least-cost combination of inputs be achieved? (j) Given the technology‚ what happens to the rate of return when more plants are added to the firm? The Theory of Production Production theory generally deals with quantitative
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1. Explain economics? Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output‚ called goods. Resources include inputs such as labor‚ capital‚ and land. Goods include products such as food‚ clothing‚ and housing as well as services such as those provided by barbers‚ doctors‚ and police officers. These resources and goods maybe be considered scarce because of society’s tendency to demand more resources and goods than
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is a dynamic process consisting of various elements and activities. These activities are different from operative functions like marketing‚ finance‚ purchase etc. Rather these activities are common to each and every manger irrespective of his level of status. Different experts have classified functions of management. According to George & Jerry‚ “There are four fundamental functions of management i.e. planning‚ organizing‚ actuating and controlling”. According to Henry Fayol‚ “To manage is to forecast
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If synthetic fuel was invented it would change the world economy in many great ways but mainly the U.S. economic would sky rocket. this would allowed for a more consumers era to begging‚ If we notice one of our greatest downfalls in the U.S. would have to be the uprising of the fuel price. this meant a great deal to a lot of business owner for the simple fact that more of there customer base had decrease after the fuel had took a increase‚ Synthetic fuel is far more expensive to process and requires
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What Drives Supply Chain Excellence? A Look Back and a Look Forward A Closer Look at Supply Chain Excellence and Progress Over the Last Decade 2/15/2013 By Lora Cecere and Abby Mayer Supply Chain Insights LLC Contents Research ........................................................................................................................................................... 3 Disclosure..............................................................................................
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(2013‚ June 6). What does instagramming our food say about modern eaters?. treehugger‚ Retrieved from http://www.treehugger.com/culture/what-does-instagramming-our-food-say-about-modern-eaters.html History of kodak 1878-1929. (n.d.). Retrieved from http://www.kodak.com/ek/US/en/Our_Company/History_of_Kodak/Milestones_-_chronology/1878-1929
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to the north; why not here? It is the influence of the atmosphere of the continent.” - From The Treasure of the Sierra Madre‚ by B. Traven (85) Economics‚ the value of hard work‚ and the proper role of government are subjects that have been debated for centuries. These topics seem to rise to the forefront (as they naturally would) when times are not good…and in America in the 1930’s‚ things were not good at all. Putting the 1930’s focus on economics and the role of big government into perspective
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from taking the drug during Dance Music events across the country. Which brings up the interesting subject of the genre being banned from the United States. Should the United States ban Electronic Dance Music? Is Electronic Dance Music a bad influence on our youth? I am interested in the subject of the issue simply because i myself listen to Electronic Dance Music. Ive been a huge fan of the dance music scene since i was about 13 and since then made it a part of my everyday life. I can’t even
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Planned Economy: "The social good" In a planned economy‚ the factors of production are owned and managed by the government. Thus the Government decides what to produce‚ how much to produce and for whom to produce. Features: • All resources are owned and managed by the government • No consumer OR producer choice • The market forces can’t set the price for goods or services • Profit is not the main objective‚ the government aims to provide services and goods to everybody • Government decides
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Relationship between Unemployment and Economic Growth Condition In most part of the world the economy and the unemployed are very closely interconnected. If the unemployment goes on a drastic change the economy takes the same path. With trade prevailing in bad economic days employees are laid off to save the business financial status. However‚ as a result of these layoffs people do not have cash to spend which will in turn cause problems to the economy. Economic increase is a on going and incorporated
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