Economics Definitions Technical Efficiency / Engineering Efficiency: Goods are produced using the minimum possible resources. Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services. Traditional Economy: Resource allocation determined by social custom and habits established over time. Command Economy: Resource allocation determined by central planning. Market Economy: Resource allocation determined by a competitive market. Opportunity Cost: The best alternative
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the fierce competition of market, there is high requirement not only for the speed of product and service desired, but also the quality of commercialization. So the procurement has come and is essentially delivering value through all kinds of relationships. This report shows why procurement is desired urgently and how the procurement process works. Procurement is the process of acquiring outside service through soliciting and evaluating proposals and establishing a contractual agreement which includes
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revenue Economic system: allocates a nation’s resources among its citizens [deciding who those resources would go to] Factors of production: the key difference between economic systems - the basic resources that a country’s businesses use to produce goods and services Factors: Labour: Human resources Capital: financial resources [money to start a business] Entrepreneurs: people who accept the opportunities and risks in creating business Natural Resources: physical resources Information Resources:
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recession, inflation, unemployment to stabilize the business cycle, therefore active government policy is required and government spending is a good way to put money back into the GDP. (hupii.com) Keynes is famous for his simple explanation for the cause of the Great Depression during the 1930s. His idea was based on a circular flow of money, which states that when spending increases in an economy, earnings will also increase, and the outcome it will lead to even more spending and earnings (economic
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organizational culture appropriability construct DefinitionSave to FavoritesSee Examples The values and behaviors that contribute to the unique social and psychological environment of an organization. Organizational culture includes an organization's expectations, experiences, philosophy, and values that hold it together, and is expressed in its self-image, inner workings, interactions with the outside world, and future expectations. It is based on shared attitudes, beliefs, customs, and written
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of the whole enterprise. Oracle CRM (Customer Relationship Management) brought significant improvement to Customer Relationship Management. In the past, the customer information was decentralized and controlled by sales in each subsidiary company. This was risky: a delinquent customer could owe money to a subsidiary, and the invoice could be paid by another. Trough CRM, this does not happen anymore. All customers information is now shared between subsidiaries. As in all other companies where
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CHAPTER 1 – Operations and Productivity Learning objectives Define operations management Explain the distinction between goods and services Explain the difference between production and productivity Compute single-factor productivity Compute multifactor productivity Identify the critical variables in enhancing productivity What is operations management? Production – the creation of goods and services Operations Management – activities that relate to the creation of goods and services through
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REVIEW OF SUPPLY CHAIN MANAGEMENT CONCEPTS AND THE BULLWHIP EFFECT H.M. Lai1 1Faculty of Engineering, Universiti Putra Malaysia, 43400 Serdang, Selangor, Malaysia. ahiu_mun@hotmail.com Keywords: Supply Chain Management, Bullwhip Effect, Inventory. Abstract. In recent years, the application of supply chain management in organization has become very popular. Business organizations today increasingly use the vital role of supply chain management to compete. This paper presents the basic concepts
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the following between the real money supply and the growth rate of money: Δ(M/P) /M/P=-γu where M is the money supply, P is the price level, γ is a constant of proportionality and u is the constant growth rate of money. a) The relationship measures the sensitivity of real money balances to the growth rate of money. The equation shows that the growth rate of money is inversely related to the real money supply, i.e. if the growth rate of money increases, the level of real money supply will fall.
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Wal-Mart Principles of Management Introduction Wal-Mart (Wal-Mart Stores, Inc.) is currently ranked not only as America’s largest, but also as the world’s largest company (Soderquist, 2005). The store’s three business segments, Wal-Mart International, Wal-Mart Stores and Sam’s Club all operate in discount retail industry. Currently Wal-Mart’s leadership is facing challenging issues including an invariable customer base, a declining same store base and
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