All four of the decisions must be made: What goods will be produced?How will production occur?How much should be produced?Who will be the recipients?All are decisions that influence production efficiency.
GDP is a measure, a better question is what affects GDP. GDP is, specifically a measure of a country's production. A higher GDP signals growth, efficient production, it may affect policy decisions, it may affect Federal Reserve decisions (money supply and interest rate, target inflation rate etc.)
IT IS A PRINCIPAL FACTOR IN PRODUCTION BECAUSE 1. The efficiency of other factor of production depends on him 2. The entrepreneur takes the basic decisions concerning the business entreprise 3.He co-ordinates and organises all other factors of production.
The elasticity of substitution between factors of production measures how easily one input can be substituted for another in the production process while maintaining the same level of output. A high elasticity indicates that inputs can be easily substituted, while a low elasticity suggests that they are not easily interchangeable. This concept is crucial for understanding how changes in input prices can affect the combination of resources used in production. It plays a significant role in production theory and informs decisions related to resource allocation and efficiency.
Optimal efficiency is a term used to describe the condition when a production is producing the best it can with what it has at the lowest cost possible. It is achieved in production by taking all of the production's waste product and dividing the waste product by the overhead costs. A sum of zero is the optimal efficiency.
Assuming you mean price of supplies: Finding ways to optimize the processes and making production more efficient and less costly. Or the good old staff lay offs.
Strategic decisions affect long term goals whilst operational decisions are for short term and day to day efficiency
GDP is a measure, a better question is what affects GDP. GDP is, specifically a measure of a country's production. A higher GDP signals growth, efficient production, it may affect policy decisions, it may affect Federal Reserve decisions (money supply and interest rate, target inflation rate etc.)
IT IS A PRINCIPAL FACTOR IN PRODUCTION BECAUSE 1. The efficiency of other factor of production depends on him 2. The entrepreneur takes the basic decisions concerning the business entreprise 3.He co-ordinates and organises all other factors of production.
The elasticity of substitution between factors of production measures how easily one input can be substituted for another in the production process while maintaining the same level of output. A high elasticity indicates that inputs can be easily substituted, while a low elasticity suggests that they are not easily interchangeable. This concept is crucial for understanding how changes in input prices can affect the combination of resources used in production. It plays a significant role in production theory and informs decisions related to resource allocation and efficiency.
Optimal efficiency is a term used to describe the condition when a production is producing the best it can with what it has at the lowest cost possible. It is achieved in production by taking all of the production's waste product and dividing the waste product by the overhead costs. A sum of zero is the optimal efficiency.
Decision makers should know a product's cost function if their decisions affect the amount of product produced. To know the cost impact of their decisions, decision makers apply the cost function to each possible volume of production. This is important in many decisions, such as pricing decisions, promotion and advertising decisions, sales staff deployment decisions, and many more decisions that affect the volume of product that the company produces.
Scientific management is the concept that by measuring the costs and efficiency of particularly production you can make decisions from the data that rearranges, reallocates, rearranges and so forth the units of production so that output is at the maximum size and operations for the lowest unit production cost in the long run.
emphasise on efficiency of production in a firm
the consumer economic decisions can affect the price and supply of a commodity
Assuming you mean price of supplies: Finding ways to optimize the processes and making production more efficient and less costly. Or the good old staff lay offs.
One recommended method for optimizing production efficiency is implementing lean manufacturing principles. This involves identifying and eliminating waste in the production process to streamline operations and improve overall efficiency.
Making decisions that help make business more efficient are part of production and operations management. Other characteristics include conscientious and tactical decisions.