Introduction & Marginal Analysis 6. *Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? In economic situation‚ Scarcity means there are inadequate/ insufficient amount of supply of resources. Those resources are Human resources (labour)‚ natural resources (land and raw materials)‚ and manufactured resources (capital). Scarcity is where human wants are virtually unlimited whereas the resources available to satisfy what their wants. So
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Notes on labor productivity Labor productivity is a key element in the explanation of how the economy works. It is especially important with regard to wages. What follows is some material about labor productivity and investment spending that is a reorganization of what is presented in your textbook. Its focus is on the connection between labor productivity and wages. Labor productivity is the value of the product or service you can produce in an hour‚ day‚ week or other unit of time. The value
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defines marginal people‚ places‚ or activities as "... the ones that don’t quite work out" (58 Frazier) since they are insufficient to meet the standards of the economic world. However‚ Frazier shows he values marginal activities and places because they allow people to be themselves without the worry and judgment. For Frazier and his friends‚ they viewed "The woods" (56 Frazier) as their place of margin Often times society deems marginal behavior to be unbeneficial‚ but Frazier states "..marginal behavior
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PRODUCTIVITY CONCEPTS AND MEASURES Productivity is an overall measure of the ability to produce a good or service. More specifically‚ productivity is the measure of how specified resources are managed to accomplish timely objectives as stated in terms of quantity and quality. Productivity may also be defined as an index that measures output (goods and services) relative to the input (labor‚ materials‚ energy‚ etc.‚ used to produce the output). As such‚ it can be expressed as: Hence‚ there
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WAYS TO IMPROVE PRODUCTIVITY To talk about improvement we need to know first what productivity is in a technical view as a work application. As Montaño said‚ productivity is the proportion that is achieved between the made product or proportionate service and the inputs that have intervened in the accomplishment of this product or service[1]; a measure of how efficiently an organization converts inputs into outputs. Taking into account its definition‚ it is important to know how to improve
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organizations work towards diminishing it however‚ it is a very touchy problem and needs to be handled with caution as the process is very tedious which is not realized by many people worldwide. Many think that diminishing child labour suddenly and as soon as possible is going to be good for the world however‚ this is not true. The fight to end child labour is going to be long and hard because of the many negative impacts it will have on the world To begin‚ diminishing child labour will be very difficult
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MARGINAL AND ABSORPTION COSTING Marginal costing is a technique in which production units are valued at marginal cost of production and fixed costs are written off as period costs. It follows that‚ stocks are valued using only the variable cost of production whereas fixed costs are treated as relating to the period and must be taken off in total. Management accounting is based on marginal costing. TERMINOLOGY USED. Gross contribution: Is the difference between sales value and variable costs
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the user’s productivity‚ specifically in the workplace. What those who choose to neglect the benefits do not see is the power it yields in terms of production. The applications and improvements made are seen as essential in the eyes of millenials in order to do their jobs effectively (York‚ 2017). The misconception that technology is detrimental in the workplace stems
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QUALITATIVE SERVICE PRODUCTIVITY Methodology for the Analysis and Optimization of Service Productivity considering qualitative Factors © Fraunhofer QUALITATIVE SERVICE PRODUCTIVITY Objectives and Methodology Qualitative Factors in Service Productivity Methodology for the Analysis and Optimization of Qualitative Service Productivity Key Performance Indicators for Qualitative Service Productivity Measurement Example Conclusion and Next Steps © Fraunhofer Objectives
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As the economic advisor of Lisavia‚ I believe that the president first needs to understand the four main determinants of productivity‚ if he wants to increase productivity in his own country. The first is physical capital. This means that a country must possess structures‚ tools‚ equipment and machinery to efficiently produce the goods and services. Second‚ is human capital. Citizens should be properly trained and educated according to their respectable industry as to increase production. The third
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