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The idea that business could increase efficiency and productivity by subdividing tasks is known as "division of labor." This concept, popularized by economist Adam Smith in his work "The Wealth of Nations," suggests that when workers specialize in specific tasks, they become more skilled and efficient, leading to increased output and economic growth. This approach allows for greater efficiency and can lead to innovations in production processes.
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Who wrote that the social responsibility of business is to increase profits?
Milton Friedman, an American economist and Nobel laureate, famously stated that the social responsibility of business is to increase its profits. In his 1970 essay for The New York Times, he argued that businesses should prioritize profit generation for their shareholders while adhering to the law and ethical standards. Friedman believed that engaging in social responsibility beyond profit-making could undermine a company's primary economic role.
Why did business leaders oppose government regulation of businesses?
Business leaders often opposed government regulation of businesses because they believed it restricted their freedom to operate and innovate. They argued that regulations could increase costs, limit competition, and hinder economic growth. Additionally, many felt that the market should determine business practices rather than government intervention, as they trusted that competition would naturally lead to better products and services. This perspective was rooted in a belief in free-market principles and the importance of entrepreneurial spirit.
How could a business justify higher prices?
Depends on the business and demand.
Why did many business owners want very little interference from the government?
Many business owners sought minimal government interference to promote a free-market environment where competition could thrive without regulations that could stifle innovation and profitability. They believed that less government oversight would allow for greater operational flexibility, enabling them to respond quickly to market demands and consumer preferences. Additionally, minimal regulation often meant lower costs and fewer bureaucratic hurdles, which could enhance overall business efficiency and growth potential.
What industry did Ida tarbell arget?
the oil industry
The idea of believed that businesses could increase profits by subdividing tasks among unskilled laborers in the workplace?
Taylorism
What employees at a local business heard that the business was going to increase its use of information systems. is a valid concern the employees could have.?
some employees at a local business heard that the business was going to increase its use of information systems. is a valid concern the employees could have.
How did Mohandas Gandhi contribute harmorey?
Mahatma Gandhi believed in nonviolence, which helped increase harmony and peace. He believed that citizens of the world could progress with peace.
When did the discovery of the democritus come about?
Particular what discovery? Democritus discovered atoms it was 400 BC. He believed that all matters are composed of atoms. he also believed that one can could take a specimen of matter and keep on subdividing it until it could no longer be further subdivided. The smallest piece of indivisible matter was called atom. For Democritus, atoms of water were smooth and atoms of fire have sharp edges. by JOVENLO NEGRIDO. PHYSICAL SCIENCE (EAC CAVITE)
I am a MBA student iwould like to know about the business I want to know how to increase your business knowledg?
I suppose you mean as an MBA student you'd like to further increase your knowledge of business practically. In order to increase your business knowledge it is imperative you take up employment in any sector of your choice to gain experience/expertise. Alternatively you could start your own business.
How could a business use IT to increase switching cost and lock in its customers and suppliers?
A business could use information technology to increase switching costs and lock in its customers by having a good website and a good database. Customers are more likely to be loyal if they can order goods online and a database should help a business keep track of them.
How could a business use information technology to increase switching costs and lock in its customers and suppliers?
A business could use information technology to increase switching costs and lock in its customers by having a good website and a good database. Customers are more likely to be loyal if they can order goods online and a database should help a business keep track of them.
How could a business use information technology to increase switching costs and lock in its customer and suppliers?
A business could use information technology to increase switching costs and lock in its customers by having a good website and a good database. Customers are more likely to be loyal if they can order goods online and a database should help a business keep track of them.
Who wrote that the social responsibility of business is to increase profits?
Milton Friedman, an American economist and Nobel laureate, famously stated that the social responsibility of business is to increase its profits. In his 1970 essay for The New York Times, he argued that businesses should prioritize profit generation for their shareholders while adhering to the law and ethical standards. Friedman believed that engaging in social responsibility beyond profit-making could undermine a company's primary economic role.
How could a business use IT to increase switching costs and lock in its customers and suppliers by giving any business example to support your answer?
A business could use IT to increase switching costs and lock in its customers and suppliers by implementing proprietary software or systems that are difficult or costly to replace. For example, a company could develop a customer relationship management (CRM) platform that integrates with its suppliers' systems, creating a seamless and efficient supply chain network. By making it challenging for customers and suppliers to switch to alternative solutions due to the high costs of reintegration or retraining, the business can effectively lock them in.
Some employees at a local business heard that the business was going to increase its use of information systems. is a valid concern the employees could have?
The amount of data generated by an information systems may cause information overload
Germans believed that the ordeal could what?
The Germans believed that the ordeal could decide if a person was innocent or guilty.
