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Economics

Economics is the study of production, distribution and consumption of goods and services whether in a city, country or a single business. Questions about supply and demand and economic theory are welcome here.

500 Questions

What are the development of normative system school?

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Asked by Wiki User

article about develpment of normative system with in school

Discuss the importance of business organization?

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Asked by Wiki User

Business organization is fundamental to the success and smooth running of any company. It provides a structure that facilitates efficient operations, clear communication, and goal achievement. Here's a breakdown of why business organization is so important:

Structure and Efficiency:

  • **Defined Roles and Responsibilities:** A well-organized business assigns clear roles and responsibilities to each employee. This avoids confusion, duplication of effort, and ensures everyone knows what's expected of them.

  • **Departments and Teams:** Organizations are often divided into departments or teams based on function (marketing, finance, IT) or product lines. This specialization allows for expertise and efficient handling of specific tasks.

  • **Standardized Processes:** Clear procedures for handling tasks like sales, customer service, or production ensure consistency, quality control, and streamline operations.

Communication and Collaboration:

  • **Clear Lines of Communication:** The chain of command defines who reports to whom, ensuring information flows smoothly from top management to lower levels and vice versa. This avoids confusion and delays.

  • **Collaboration:** Effective communication fosters collaboration between departments. Teams can work together to achieve shared goals and solve problems more effectively.

  • **Decision-Making:** Clear hierarchy clarifies who has the authority to make decisions, preventing delays and ensuring accountability.

Goal Achievement and Growth:

  • **Strategic Planning:** A well-organized business can establish clear goals and objectives. Departments can then align their activities to achieve these goals.

  • **Performance Measurement:** Defined roles and processes allow for performance measurement. Companies can track progress, identify areas for improvement, and adjust strategies as needed.

  • **Scalability and Growth:** A structured organization can adapt and grow more easily. Established processes and communication channels can accommodate an increase in employees, products, or services.

Additional Benefits:

  • **Employee Satisfaction:** Clearly defined roles and expectations can contribute to a more positive work environment for employees.

  • **Customer Satisfaction:** Efficient processes and clear communication can lead to better customer service experiences.

  • **Reduced Costs:** Improved efficiency can lead to cost savings through reduced waste and better resource allocation.

In conclusion, business organization is the backbone of a successful company. It creates a framework that fosters productivity, clear communication, goal achievement, and ultimately, the growth and sustainability of the organization.

What is megal market in economics?

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Asked by Wiki User

The term “massive market” does not appear to be a standard economic concept

It is a marketing strategy in which companies target powerful third parties such as governments or institutions to influence the market

Context-specific usage: In some specific contexts, “huge market” may be used informally to refer to a very large market. For example, news articles discuss a large wholesale distribution company in Vietnam, using "megal market".

However, this term will not be widely recognized in economic discussions.

What is Gary Becker's theory of the allocation of time?

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Asked by Wiki User

Gary Becker's hypothesis of the distribution of time, introduced in his compelling work "A Hypothesis of the Portion of Time," recommends that people settle on conclusions about how to invest their energy very much like they settle on conclusions about consuming labor and products. Here are the vital parts of his hypothesis:

Time as a scant asset: Our days just have 24 hours, making time a restricted asset very much like cash. We need to pick how to dispense it between different exercises.

Sane direction: Individuals are thought to be reasonable entertainers who attempt to amplify their utility (fulfillment) from how they invest their energy.

Compromises and opportunity cost: There are compromises associated with how we invest our energy. Deciding to work more (bringing in cash) implies less time for relaxation exercises (like leisure activities or investing energy with family). The worth of the done without movement is the open door cost.

Cost of time: The cost of time is connected with the compensation rate. Investing energy working means acquiring pay, yet it additionally implies less time for different exercises. In this way, the compensation rate should be visible as the "cost" within recent memory.

What elements of society did Marx place in his superstructure?

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Asked by Wiki User

In Marx's theory, the superstructure includes institutions such as government, law, religion, education, and media, which he believed serve to maintain and perpetuate the existing capitalist economic system. They are shaped by and serve to uphold the interests of the ruling class.

What wast the invisible hand theory proposed by Adam smith?

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Asked by Wiki User

The imperceptible hand hypothesis is an idea presented by Adam Smith, a Scottish savant and financial specialist.

It portrays how, in an unregulated economy, people seeking after their own personal circumstance can unwittingly add to a gainful result for society overall.

Here is the substance of the hypothesis:

People are inspired by personal responsibility, looking to deliver or sell labor and products that benefit them.

Through rivalry, costs go about as signs, showing what labor and products are sought after.

Makers, intending to create a gain, will be boosted to supply labor and products with more popularity, changing their creation likewise.

This self-intrigued conduct, directed by the cost framework, prompts a distribution of assets that (in a perfect world) addresses the issues of society.

Fundamentally, the undetectable hand representation proposes that an "imperceptible power" controls the market with next to no focal preparation.

Individual activities, driven by personal responsibility, altogether make a financial request that benefits everybody.

It's vital to take note of that the undetectable hand is an illustration, and there's continuous discussion about how well it reflects reality.

While unregulated economies can advance proficiency, they can likewise prompt issues like pay disparity or syndications.

What advice does Thoreau offer to those who live in poverty?

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Asked by Wiki User

Thoreau advises those in poverty to simplify their lives, cut unnecessary expenses, and focus on experiences that bring genuine happiness rather than material possessions. He encourages self-reliance, living within one's means, and finding contentment in the present moment.

How did capitalism affect the Industrial Revolution?

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Asked by Wiki User

Capitalism played a key role in fueling the Industrial Revolution by encouraging entrepreneurship, competition, and innovation. The ability to own private property and invest in businesses motivated individuals to engage in industrial activities, leading to technological advancements and economic growth. Capitalist principles, such as profit motive and free market competition, spurred industrialization and the development of factories and infrastructure.

What was New York like in 1889?

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Asked by Wiki User

In 1889, New York City was undergoing rapid industrialization and urbanization, with a growing population and booming economy. The city was marked by bustling streets, crowded tenements, and a mix of rich and poor neighborhoods. It was a center of commerce, culture, and innovation, with iconic landmarks such as the Statue of Liberty and Brooklyn Bridge shaping its iconic skyline.

Importance of GNP?

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Asked by Wiki User

Gross National Product (GNP) helps measure a country's economic performance by calculating the total value of goods and services produced by its citizens and businesses, both domestically and abroad. It provides a broader view of a country's economic output compared to GDP, as it includes income earned from overseas investments. GNP helps policymakers assess the overall economic health and potential of a nation, making it a crucial indicator for economic planning and decision-making.

What factors does a household consider when deciding whether to produce a good or service at home or buy it in the marketplace?

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Asked by Wiki User

Households consider factors such as the cost of production at home (including time, resources, and expertise), the cost of buying the good or service in the marketplace, the quality and convenience of both options, and personal preferences or skills that may influence the decision.

Where is Mexico on the economic continuum?

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Asked by Wiki User

It would be closer to the market side :) if it was numbered it would be at 8

Top 10 economists of the world?

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Asked by Wiki User

Some of the top economists in the world include Joseph Stiglitz, Paul Krugman, Esther Duflo, Amartya Sen, Daniel Kahneman, and Abhijit Banerjee. These economists have made significant contributions to various fields such as development economics, behavioral economics, and macroeconomics. Their work has had a profound impact on shaping economic policy and theory.

What country has the strongest houses?

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Asked by Rynoman90219

Germany for sure! concrete walls 10" thick!

What is an example of secondary sector?

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Asked by Wiki User

Forestry

Car Manufacturing

Fishing

Hairdressing

Why you should correct identified shortcomings in services provided to clients?

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Asked by Wiki User

why should you correct identified shortcomings in services provided to clients?

How does use of cargo containers benefit the economy?

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Asked by Wiki User

The use of cargo containers benefit the economy by keeping distribution costs low.

How is southern Mexico and northern Mexico alike?

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Asked by Wiki User

Both are part of Mexico, and that's pretty much it. Both regions are opposite in terms of economy, population, cultural traits and even ethnicity:

  • Northern Mexico is industry-oriented while southern Mexico is mostly rural
  • Northern Mexico is sparcely populated while southern Mexico has a much bigger population density.
  • Northern Mexico is dominated by the Sonoran and Chihuahuan deserts while southern Mexico has a tropical, humid climate.
  • Northern Mexico's ethnicity is in general terms, "paler" than the rest of the country due to European immigration throughout the 19th century; southern Mexico tends to be "darker" due to several Native American peoples that survived the contact with Europeans.
  • Northern Mexico is more akin to the southwestern US -- in fact, the cowboy culture was "invented" in Mexico -- while southern Mexico has more affinity to Central America.

What is a undesirable business practice?

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Data privacy violations: Collecting and using consumer data without proper consent or transparency is a major concern. This includes practices like data scraping (illegally harvesting personal information) or selling user data to third parties without proper notification.

What would NOT help a company increase profits?

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Asked by Wiki User

Neglecting digital marketing. In today's digital world, businesses need to have a strong online presence. This includes having a user-friendly website, being active on social media, and running targeted online advertising campaigns. While digital marketing can be a powerful tool for reaching new customers and growing sales, it's important to use it effectively to avoid wasting resources.

What does Money saving mean?

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Asked by Wiki User

Money saving refers to the practice of reducing expenses or setting aside funds for future use instead of spending them immediately. It involves various strategies and techniques aimed at preserving financial resources, such as budgeting, cutting unnecessary expenses, finding discounts or deals, and investing wisely. The ultimate goal of money saving is to build financial security, achieve financial goals, and be better prepared for unexpected expenses or emergencies.

Are milk and butter substitutes or complements?

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Asked by Vietdoll

Neither. Milk is an input for butter. One does not use milk on toast instead of butter which would make it a substitute. Nor does one always eat milk with butter which would make it a complement.