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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.
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What does GDP affect?
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.)
Why entrepreneurs is a principal actor in production?
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.
Define optimal efficiency How is optimal efficiency achieved in production?
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.
Importance of mobility of factors of production?
emphasise on efficiency of production in a firm
What does efficiency of mass production mean in economic terminology?
what dose mass production mean
What are the differences between strategic and operational decisions?
Strategic decisions affect long term goals whilst operational decisions are for short term and day to day efficiency
What does GDP affect?
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.)
Why entrepreneurs is a principal actor in production?
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.
What is efficiency level?
Trophic level efficiency is the ratio of production of one trophic level to the production of the next lower trophic level. This efficiency is never high.
Define optimal efficiency How is optimal efficiency achieved in production?
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.
Importance of mobility of factors of production?
emphasise on efficiency of production in a firm
Explain the principle of scientific management.?
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.
Why is it important that decision makers in a corporation know the cost function for producing the companies' products?
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.
War Industries Board?
Encouraged companies to use mass production techniques to increase efficiency
How do technologies affect our economic decisions?
the consumer economic decisions can affect the price and supply of a commodity
How does price increases affect production decisions?
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.
What does efficiency of mass production mean in economic terminology?
what dose mass production mean
