Definition: In economics‚ production is the act of creating output‚ a good or service which has value and contributes to the utility of individuals.[1] The act may or may not include factors of production other than labor. Any effort directed toward the realization of a desired product or service is a "productive" effort and the performance of such act is production. The relation between the amount of inputs used in production and the resulting amount of output is called the production function. Economics
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IEEE TRANSACTIONS ON POWER ELECTRONICS‚ VOL. 21‚ NO. 3‚ MAY 2006 | 567 | Power Electronics Intensive Solutions for Advanced Electric‚ Hybrid Electric‚ and Fuel Cell Vehicular Power Systems Ali Emadi‚ Senior Member‚ IEEE‚ Sheldon S. Williamson‚ Student Member‚ IEEE‚ and Alireza Khaligh‚ Student Member‚ IEEE Abstract—There is a clear trend in the automotive industry to use more electrical systems in order to satisfy the ever-growing ve-hicular load demands. Thus‚ it is imperative that automotive
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Elasticity of Labour Demand A firm always incurs a change in labour or capital. It is important for a firm to know the effects on the wage or capital increase since it would help the firm make accurate decisions. A change in wage would make an impact on the firms employment. When there is a wage cut‚ it reduces the price of labour relative to that of capital‚ and now labour is cheaper. However‚ when the wage increase the price of labour increases and the firm would substitute away from labour toward capital
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employers do not take into consideration employees concerns and demands‚ when they do not react to the issues that the labour force is facing. Even though employees are allowed to strike‚ there are procedures in place that protect them from not losing their job within an organisation. And if they are not followed‚ the employers have the right to dismiss these employees according to the Labour Relations Act 66 of 1995. On January 20th of 2012‚ 5000 mine workers of Impala Platinum‚ embarked in an unprotected
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THE EFFECTS OF CHILD LABOUR ON ACADEMIC PERFORMANCE. A CASE STUDY IN MADINA. Problem Statement Lots has been said about child labour and in these reports there are clearly stated concerns about the effects of child labour on children‘s academic performance and its long run impact on human capital development. Situations where children of school going age are engaged in active work‚ does it at the expense of school. The situation existed even before Ghana attained her independence in 1957. Generally
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Globalisation of Production Introduction Because of the process of globalisation‚ the production activities of firms have become more dispersive. This essay will introduce situation of globalisation of production since 1980s‚ explore the relationship between governance of a global value chain and the prospects for upgrading in a developing country‚ identify the factors a firm should consider about the location of its production facilities and analyse influence of a heavy reliance on FDI to developing
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THE PRODUCTION PROCESS :THE BEHAVIOR OF PROFIT-MAXIMIZING FIRMS THE BEHAVIOR OF PROFIT-MAXIMIZING FIRMS Production : The process by which inputs are combined‚transformed‚and turned into outputs. Firm : An organization that comes into being when a person or group of people decides to produce a good or services to made a perceived demand Three decisions that all firms must make: 1. How much output to supply 2. How to produce that output 3. How much of each input to demand a) PROFITS AND ECONOMIC
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LABOUR ECONOMICS Q2.Define “Labour Economics”. Explain the nature and scopeof Labour Economics. Explain the characteristics of Labour? Ans: -Labour Economics:- “Labour Economics may be defined as a study of theorganization‚ institutions and behavior of the labour market in anindustrising or industrial economy”. According to Dole Yoder:- “Labour economics or manpower economics is primarilyconcerned with efficient utilization and conservation of manpower and resources. It studies and seeks to understand
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the people go to the territory of the other country ( or city ) in an attempt to find at least a temporary or a better paying job. Actively taking place all over the world the process of internationalization of production is accompanied by the internationalization of the labor force. Labour migration has become part of international economic relations. Migration flows rushing from one region and country to another . Giving rise to some problems ‚ labor migration provides clear benefits to countries
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which treat its workers inhumanely‚ paying low wages‚ imposing harsh and unsafe working conditions‚ demanding levels of performance that are harmful to the workers and child labour. These are generally formed in developing nations and third world countries where the cost to employ labour is far cheaper than the cost to employ capital. Even though they are extensively used in most industries‚ they are infamous for their exploitation in the garment industry. Over the past couple of decades as the textiles
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