Welcome to Service Management Chapter 01 Role of Services in an Economy James Fitzsimmons Seay Professor of Business Emeritus University of Texas at Austin McGraw-Hill/Irwin Service Management: Operations‚ Strategy‚ and Information Technology‚ 6e Copyright © 2008 by The McGraw-Hill Companies‚ Inc. All Rights Reserved. Learning Objectives Identify traits that all services have in common. Discuss the central role of services in an economy. Identify and differentiate the five stages of economic activity
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| |February 2‚ 2013 | BUSINESS IN THE ECONOMY To understand how a business affects the economy we must first understand the meaning of what a business is by definition. A business is “an organization or enterprising entity engaged in commercial‚ industrial or professional activities”. (Investopedia‚ 2013) A business
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Economies of scale The long run – increases in scale A firm’s efficiency is affected by its size. Large firms are often more efficient than small ones because they can gain from economies of scale‚ but firms can become too large and suffer from diseconomies of scale. As a firm expands its scale of operations‚ it is said to move into its long run. The benefits arising from expansion depend upon the effect of expansion on productive efficiency‚ which can be assessed by looking at changes in average
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Descriptive Essay On a hot summer day‚ the only good place to go is to the lake. You would go out to the lake to enjoy the water‚ the sun‚ the activities that are happening‚ or just to be with family and friends. When you’re at the lake‚ there are some very distinct smells. The hickey smell of campfire smoke always lets you know that there are marshmallows and hotdogs being roasted. You’ll never want to touch your hair from putting your fingers on the sticky marshmallow‚ to me it’s just crazy
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AN ESSAY ABOUT JOSE RIZAL Who is Jose Rizal to common people? What is the impact of his life‚ woks and writings? When we ask most average persons today these questions‚ they might answer something like‚ he is our national hero‚ he died in Bagumbayan‚ and he wrote two great novels. Beyond that nothing more is explicitly said about Jose Rizal. As I read through the chapters of the book I have come discover many more things that is admirable about this man. In his childhood‚ he wrote a poem to
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Politics and the Economy The social institutions of economy and politics are intricately intertwined and they always will be. Economies organize how a society makes and distributes its goods and services to other member’s in society. Goods are things that are made or grown and services are specific things that someone does for another person. Goods and services are given in exchange for some type of payment. Politics is the social institution through which power is acquired‚ usually referring
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Lecture 1. EXPERIENCE ECONOMY - when the person buys experience‚ he pays to spend time enjoying a series of memorable events that a company stages -> as in theatrical - businesses must orchestrate play memorable events for their customers [pic] - EE is applied- new experience concept‚ experience included ins services and products‚ experience venues‚ additional offerings supporting memory of the experience - The anatomy of an Experience 1. The
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States has one of the world’s largest economy. The GDP is valued at $17.914 trillion dollars! (World Bank)2 So how can one of the world’s largest economies belong to a country that has an increasing gap between rich and poor? Simple‚ the way it is run! The US government has lost control of and has virtually stopped regulating our economy. We have allowed our jobs to be outsourced in the name of profit. Politicians have allowed big business to run not only our economy‚ but our government. According to
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Economies of scale are the main drivers of corporate gigantism in the 20th century. Economies of scale simply refers to the cost benefit achieved with an increasing output / product unit. Economies of scale exist due to the inverse relationship between quantity produced and per-unit fixed costs ; the higher the quantity produced‚ the lower the cost per unit. Economies of scale can be seen in an orange juice production. The more orders ‚ or the more fruits‚ the growers harvest‚ the more savings
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ability to get a higher paying job. People who graduate from college make more money than those with a high school diploma or GED. People with a college degree make around $1‚100 a week. Someone with a high school diploma makes just $638 which in this economy‚ would probably not be enough to maintain yourself. (Greatschools.org) You will also have more opportunities. People who go to college open up their choices
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