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☆☆☆☆☆what are the economic tool which help manager in decision making
Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.
Failure to understand the basic definitions is perhaps the most frequent cause of difficulty or failure when studying economics.
Cost-benefit analysis is rational.
the opportunity cost would that it will put the government in big defected in order to provide temporarat relief to business and institutions and envirment so on.
My answer would be that HR has a budget for hiring etc, therefore it would be considered a hiring cost from its budget.
The labor cost would be what it cost to produce a product and the wages paid out etc.
The best definition is that by Lionel Robins, "Economics is the social sciences which studies human behavior as a relationship between ends and scare means which has alternative uses"
In the economical term opportunity cost means the best next alternative forgone
They became culturally different from one another.
considering whether companies or the government should make the goods.
capital
They organize resources to try to meet a society's wants and needs.
People try to fulfill both with limited resources.
People have unlimited wants and limited resources to fulfill them.
An inventor who creates a new computer company
A foreign country begins exporting the product in high volume.
An industrial assembly line
A doctor with expertise in medicine
People make economic choices about what to do with their
resources.
A store that buys a shipment of computers can't afford to buy any new phones
convince people to make certain economic decisions.
