DISCUSS THE CHALLENGES THAT ARE FACED BY RECORDS CENTRES IN ZIMBABWE IN AUTOMATING THEIR RECORDS SYSTEMS. People frequently turn to technology because they find they can’t manage their paper records. Either they are swamped by too much paper on site‚ or they can’t find the documents they need‚ or both. By itself‚ technology cannot fix a records management problem; technology applications need a lot of research and planning to be effective. While automating records can be a valuable tool‚ there are
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PRODUCTION THEORY AND THEORY OF COSTS Production and Production Theory Production refers to the transformation of inputs into outputs (or products) An input is a resource that a firm uses in its production process for the purpose of creating a good or service. Most resources are lumped into three categories: - Land - Labor - Capital The two kinds of inputs: Fixed vs. Variable Inputs Fixed inputs -resources used at a constant amount in the production of a commodity. Variable inputs
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Factors of Production 1. Land 2. Labor 3. Capital (Money) is not actually considered as capital in economics as it does not produce a good and service but it is rather a form of asset that is used as a medium of exchange. 4. Entrepreneurship The 3 E’s in ECONOMICS 1. Efficiency refers to productivity and proper allocation of economic resources. 2. Equity means justice and fairness. 3. Effectiveness means attainment of goals and objectives. Types of Economic Systems To address
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small business is impacted by the social‚ political‚ and economical environment in Zimbabwe. Firstly‚ the corruption in Zimbabwe brings a great influence on the small business‚ which introduces nonscientific allocation of resources. Secondly‚ the hyper inflation in Zimbabwe also severely affects small businesses‚ which makes long-term budgeting and planning futile. Thirdly‚ the limited access to finance in Zimbabwe also prevents the small businesses from growth. Finally‚ the informal sector induces
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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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1. Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8‚ the quantity demanded for each person is 5. When the price is $4‚ the quantity demanded for each person is 9. Assuming the law of demand holds‚ which of the following choices is the most likely quantity demanded in the market when the price is $6? Explain and show calculations‚ While the question asks of the choices given what the quantity demanded will be‚ there are no choices
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companies laying a network of water pipes and sewage systems across the country? No. It is better to have 1 firm. This is an example of an industry which is a natural monopoly because of the extensive fixed costs. Industries like car production and airline production also have significant economies of scale so it makes sense for firms to have some degree of market power. * However‚ just because a firm has monopoly power doesn’t mean that the industry necessarily has economies of scale or that
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________________________ Class: ___________________ Date: __________ ID: A Test 2 5. If the economy is in a recessionary gap and the price level falls very slowly‚ then the result will be a prolonged period of a. high unemployment. b. production above potential GDP. c. shortages in supply. d. inflation whenever supply increases. Figure 10-8 6. The slope of the consumption function is measured by the marginal propensity to save. 7. If the stock market falls by 25 percent next year
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ECON 1. (Demand Under Perfect Competition) what type of demand curve does a perfectly competitive firm face? Why? A horizontal or a perfectly elastic‚ demand curve. A perfectly competitive firm is called a price taker because that firm must “take‚” or accept‚ the market price- as in “take it or leave it.” 2. Explain the different options a firm has to minimize losses in the short run. A firm in perfect competition has no control over the market place. Sometimes that price may be so low
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Mars is the fourth planet closest to the sun where Earth is the second closest. The distance between Earth and Mars is constantly changing due to the two planets are orbiting the sun. When Earth and Mars come to the closest distance; the distance between them is approximately 33.9 million miles away from each other. This phenomenon occurred in 2003 where the distance between the two planets was just 34.8 million miles. Mars has been a fascinating planet for NASA’s to do space exploration; however
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