Production Possibilities Curve (PPC) The Production Possibilities Curve (PPC) is used to show the economic concepts of scarcity‚ choices and opportunity cost. The PPC is a graphical representation showing maximum combinations of output (goods and services)‚ a nation can produce with limited economic resources in a fixed period time. Assumptions of the production possibilities curve: I. Only 2 goods will be illustrated II. The amount of resources is fixed III. State of technology
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In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. Particulars Total cost Rs. Unit Cost Rs. Opening stock raw materials Add Purchases of Raw Materials Add: Expenses on Purchases of Raw Materials (octroi & duty) Less: Closing stock of raw materials Less: Sale of scrap or defectives of raw materials = Cost of materials consumed Add: Productive Labour Add: Outstanding wages Add: Direct Expenses( architect’s
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PAPER PRESENTATION ON IMPACT OF LEAN PRODUCTION STRATEGY IN DIFFERENT SECTORS PRESENTED BY MRS.B.Ramya HariGanesan.‚ M.F.C.‚ M.PHIL. RESEARCH SCHOLAR 16A/8‚ GANDHI NAGAR III Street‚ Opp. to good shepherd institute of medical ACADEMY RaNiPeT‚ Vellore Dt.623401 IN INTERNATIONAL CONFERENCE ON INNOVATIVE PRACTICE IN GLOBAL BUSINESS IN THE THEME INTERNATIONAL MANAGEMENT HELD ON FEBRUARY 5TH‚ 2014 BY DEPARTMENT OF MANAGEMENT STUDIES (CENTRE FOR CREATIVE LEADERS & ENTREPRENEURS) IN
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Job Shop Production usually refers to manufacturers that produce items that are "one of a kind"‚ for example‚ manufactures of automation systems and tooling. Manufacturers who produce a wide variety of items in very low volumes also fall into the job shop category. For example‚ very large mining trucks are produced in volumes typically less than 400 annually. Each truck has thousands of components so you can imagine that there are significant challenges in production scheduling‚ purchasing and inventory
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DISCUSS THE FOLLOWING: DIVERSIFICATION According to investment word. Com diversification is a portfolio to reduce exposure to risk by combining a variety of investments‚ such as stock‚ bonds and real estate‚ which are unlikely to all move in the same direction. It can also be defined as manufacturing business terminology used to describe the act of increasing choices for when to order what supplies from whom to bring products to the market. Assof
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Chapter 2: Production Possibilities Curve‚ Scarcity‚ and Development I. A Market System and Basic Economic Questions 1. In a decentralized (Capitalist) society‚ “markets” are required. This market system is a means of buyer–seller exchange‚ and does not need a physical location. The idea that self–interested market participants will make everyone better off was called ”an invisible hand” by Adam Smith‚ and creates the invisible hand argument that is used in the same way today. 2. The
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warehousing and shipping cost is not really correct. The current method is direct method which ignores In term of Shipping and Warehousing cost‚ low volume products should incur this cost instead of both high volume and low volume products. Because‚ high volume products are deliveried directly to customer so it does not incur the cost of shipping. The low volume products which are sent to distribution center incurred the cost of shipping and warehousing. However‚ the cost of shipping and warehousing
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Toyota Production Process The system of production Toyota is an integral system of production and management arisen in Toyota Company. In origin‚ the system was designed for factories of cars and his relations by suppliers and consumers‚ though it has spread to other areas. The development of the system attributes to itself fundamentally three people: the founder of Toyota‚ Sakichi Toyota‚ his son Kiichiro and the engineer Taiichi Ohno. The Toyota production system was implemented in Japan during
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ADM 3301 Sample Mid-term Exam Duration: 2.5 hours Student name:_______________________ Student No.__________________ INSTRUCTIONS: 1- Write down the exam copy number (that exists at the top right corner of this page) on the identification white card next to your name. 2- Verify that your exam has 9 pages (including this title page). 3- Answer all questions on your examination copy. Use the opposite (blank) side‚ if necessary. Answers or calculations written on the sheet
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Subject: Impacts of National Rural Employment Guarantee Act (NREGA) - Decline in Food Crop Production – Emergency refinement required to balance the Food Production and Rural Employment… Introduction: The World Bank says that more than 30 per cent of the Indian population lives on less than $1 a day‚ but Indian economists believe that the figure of poor could be much more than the estimate. Successive governments tried various means to fight poverty with little success. The UPA government
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