Scarcity

Production –  Process of adding value to a product (using four factors of production – land, labour, capital and enterprise) to satisfy customer needs and wants.  Production is the effective management of resources in producing goods and services. The operations department in a firm overlooks the production process. It is the creation of utilities or the making of things using the available resources. 

Definition of profit: Profit is a valuable return  or gain. It is the excess of returns over expenditure in a transaction or series of transactions especially, the excess of the selling price of goods over their cost. It can also be called a net income usually for a given period of time. A ny profits earned in a business funnel back to business owners, who choose to either pocket the cash or reinvest it back into the business.

PRODUCTION POSSIBILITY FRONTIER (PPF) A  production possibility frontier  ( PPF ),  production possibility curve  ( PPC ), or  production possibility boundary  ( PPB ), or  transformation curve/boundary/frontier  is a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technology/a graphical representation showing all the possible options of output for two products that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time. A PPF illustrates several economic concepts, such as  allocative efficiency ,  economies of scale ,  opportunity cost  (or marginal rate of transformation), productive efficiency, and  scarcity  of resources (the  fundamental economic problem  that all societies face).

#1 - Review Your Existing Workflow You won’t know what can be changed until you know how everything works now. Three areas contain critical information to help you identify needed changes. People  - Do you have people with the right skills in the right places? Do you have a project manager to keep the critical pathway visible and on track? Are objectives clearly defined, realistic, and safe? Processes  - When was the last time you mapped your processes? Have you used value stream mapping to assess process improvement projects? Where are the pain points and bottlenecks? Equipment and technology  - Is all your equipment in good repair? Is the technology you rely on optimal for your current needs? How easy is it to make changes in production? Before you make any changes, understand how everything works now. There is still value in the saying, “If it ain’t broke, don’t fix it.” Unless you can identify a financial or safety reason for making a change, think long and hard about the value of

Advantages of New Technology in the Workplace Technology is always evolving, with new software constantly emerging to solve problems and inefficiencies that companies may not even be aware of yet. Business leaders can sometimes feel overwhelmed in the face of so much change – there’s often a desire to stick with current technology and processes rather than rocking the boat. But the status quo threatens innovation, and stagnant companies put themselves in danger of failure. By investing in cutting-edge technology, you’re investing in growth. And you’re empowering employees to keep up, and get ahead, in a fast-paced world. Here are five areas new technology brings advantages to the workplace: 1. Speed, Efficiency, and Agility The goal for any new office technology is to speed up workflow processes, giving your employees the ultimate resource – more time – to focus on the important work. Businesses best their competitors by being able to respond to data, adapt to changes, and make informe

What Is a Multinational Corporation (MNC)? A multinational corporation (MNC) has facilities and other assets in at least one country other than its home country. A multinational company generally has offices and/or factories in different countries and a centralized head office where they coordinate global management. These companies, also known as international, stateless, or transnational corporate organizations tend to have budgets that exceed those of many small countries.  Advantages of Multinational Corporations in developing countries Multinationals provide an inflow of capital into the developing country. E.g. the investment to build the factory is counted as a capital flow on the financial account of the balance of payments. This capital investment helps the economy develop and increase its productive capacity. The  Harrod-Domar  model of growth suggests that this level of investment is important for determining the level of economic growth. One of the best ways to increase the