12-Sep-13 Objectives of firms 1. Profit Maximisation In neo-classical economics it is assumed that the interest of owners or shareholders are the most important. Just as consumers attempt to maximise utility‚ shareholders main motivation is to maximise their gain firm the company. Therefore‚ one of the main objectives of firms is to maximise profit. Profit is the reward for the risk-bearing function of the entrepreneur. The firm is in equilibrium‚ and is maximising profit‚ when it
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The Advantages of Wearing School Uniform School uniforms are becoming a popular trend amongst schools. Although many of us disagree for having school uniforms but it’s not a negative thing to have. The problem is majority of the students’ focus more on fashion rather than focusing on schoolwork. Although requiring students to wear school uniforms may violate their self-expression in some ways‚ a uniform are supposed to be looked upon as a positive thing. We look neat when we wear school uniform
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My Part a lot of coastal shipping‚ especially around the Seto Inland Sea‚ pays for the lack of sailing rivers. The Pacific coastline south of Tokyo is described by long‚ narrow‚ gradually low inlets produced by sedimentation‚ which has created a lot natural harbors. The Japanese islands are the best of mountain ridges uplifted near the end of the continental shelf. About 73 percent of Japan’s area is made of mountains‚ and scattered plains and intermontane basins cover only about 25 percent
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Scalpel A scalpel‚ or lancet‚ is a small and extremely sharp bladed instrument used for surgery‚ anatomical dissection‚ and various arts and crafts (called a hobby knife). Scalpel blades are usually made of hardened and tempered steel‚ stainless steel‚ or high carbon steel. Surgical scalpels consist of two parts‚ a blade and a handle. The handles are reusable‚ with the blades being replaceable. In medical applications‚ each blade is only used once (even if just for a single‚ small cut). Scalpel
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MANUFACTURING ENGINEERING AND TECHNOLOGY Prepared by: PRINCE ABDULLAH MANUFACTURING ENGINEERING AND TECHNOLOGY What is manufacturing: Manufacturing is a Latin word. ‘Manu’ means ‘Hand’ and ‘Facts’ means ‘Made By’. Manufacturing is defined as: “Process of converting raw material into the useful products by considering‚ 1. Design of the product. 2. Selection of the material. 3. Sequence of processes by which it is manufactured”. Manufacturing Engineering: “Manufacturing
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Wall and floor tile used for interior and exterior decoration belongs to a class of ceramics known as whitewares. The production of tile dates back to ancient times and peoples‚ including the Egyptians‚ the Babylonians‚ and the Assyrians. For instance‚ the Step Pyramid for the Pharoah Djoser‚ built in ancient Egypt around 2600 B.C. ‚ contained colorful glazed tile. Later‚ ceramic tile was manufactured in virtually every major European country and in the United States. By the beginning of the twentieth
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that year because there was so much creativity around and they were all the right age. (Pentagram) After about two or three years they took a hard look at their business and realized that most of their business was troubleshooting for advertising firms and they decided that wasn’t what they wanted to do. In 1964‚ they were working on an exhibition in Milan with Theo Crosby and they decided to all join forces because more often than not‚ if someone “needed a letterhead” then they also had some kind
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Summary of the Article‚ ”Why do firms exist”……….. Ronald Coase may not be as famous as other economists due to his non-recognisable status but at the turn of the century ‚ he was able to achieve a recognisable status by applying practical theories on pre- existing economic theories. Highlights Deregulation revolution of 1980s Re-surfacing the pin factory which was the foundation of division of labour criticism of earlier economics theories of Adam Smith and others. Bureacracy in modern
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Essay #5 Firms of Endearment by Raj Sisodia‚ Jag Sheth‚ and David Wolfe argues the idea of humanistic companies‚ meaning businesses that “seek to maximize their value to society as a whole‚ not just to their shareholders” (Sheth‚ Sisodia & Wolfe‚ 2014‚ p. 3). These companies wish to contribute to a higher meaning in society and take this endearment approach to create value outside of providing a product or service for financial gain. While humanism does focus on the potential for compassion‚ the
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Dominant Firms: Impact on consumers and producers plus issues of control and regulation Dominant Firms Part 1 A Definition (2 marks): A dominant firm is one which accounts for a significant share of a given market and has a significantly larger market share than its next largest rival. Dominant firms are typically considered to have market shares of 40 per cent or more. Part 1 B Key features of a dominant firm include: High market profile – A well known name/brand amongst their competing
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