Understanding the concepts and principles of microeconomics and macroeconomic and how they affect supply, demand, and equilibrium are necessary for the health of any business. Microeconomics focuses on supply and demand, and using data from supply and demand curves can help a business look for ways to decrease pricing, which would increase production, and keep the business competitive. Macroeconomics focuses on the economy as one; using national inflation data and aggregate income data can help a business keep costs down which will keep consumer prices down, all the while keeping production
Social Responsibility Company Q seems to currently have an economic attitude toward social responsibility. An economic model is based on the traditional concept of business. If the business is providing a quality good or service, showing a profit and providing jobs then it is successful. Company Q is more concerned with profits and lost revenues then maximizing a positive impact. They have shown this by closing a few stores in a higher-crime-rate area because they were losing money, by only offering a very limited amount of health-conscience and organic products because they are high margin items and by declining to donate to the local food bank because of worries over lost revenues.
A recession is the part of the business cycle which is characterised by falling levels of demand, very little investment, low business confidence and rising levels of unemployment. It is neither as long lasting nor as severe as a depression. A recession is two successive declines in quarterly gross domestic product. A recession provides extremely harsh conditions for businesses to survive in, in order to survive a recession businesses have to adopt strategies that they believe are they best way for them to see through the recession and continue to make a profit on the other side. One strategy that a business can implement is to cut costs.
("Store Wars," n.d., Big store, business practices section, para. 1).The low prices may be great for the economy, but that's about all walmart is doing for America. For people who work at Walmart, in order to make ends meet, they usually have to work at two different jobs. Their significant other usually has to work, too. Not enough money and too much stress lowers the quality of life that people have, and their standards of living also drop, as they are forced to get by with cheap, low-quality items (Nickels, McHugh & McHugh, 2010).
Mantkelow (2014) explains lean manufacturing as based on "finding inefficiencies and removing wasteful steps that don't add value to the end product." Lean operations helps to reduce waste in production by using resources to only produce what the customer is demanding. A company that is using lean operations has measurable throughput. “Every minute that a product is not sold the cost accumulates and the competitive advantage is lost, this is the manufacturing cycle time” (Heizer and Render, 2010) this analysis could have been used to scale down production in the third and fourth quarter when it became obvious there was excess inventory. For starters, there is no value in holding 60 days' worth of inventory, to adopting lean principles would immediately help us to commit to inventory reduction and better alignment between production and demand.
401(K) has become ineffective because of the corruption of big business, the misunderstanding of and as a result a mishandling of the 401(K) accounts, and its correlating dependency on the market’s success. Making profit is important to people. Most of all, improving the bottom line is the primary objective for major companies. “For Robert Shively, learned that his employer, Occidental Petroleum Corporation, or also-known-as Oxy Pete,” wanted to forgo the guaranteed-employer pension plans for the less demanding 401(K) system where it is based on contributions from employee’s pay rather than from the employer’s profit. This forces the employee to save without any effort but, due to this, workers began to neglect the social security and entirely dropped the use of the original pension plan.
When the government prevents prices from adjusting naturally to supply and demand, efficiency is improved in the economy. ANSWER: F TYPE: T KEY1: D SECTION: 2 OBJECTIVE: 7 RANDOM: Y [cxviii]. A market economy cannot possibly produce a socially desirable outcome because individuals are motivated by their own selfish interests. ANSWER: F TYPE: T KEY1: D SECTION: 2 OBJECTIVE: 7 RANDOM: Y [cxix]. While the invisible hand cannot guarantee efficiency, it is better at guaranteeing equity.
Economic Advisement Paper ECO372 Economic Advisement Paper In wake of the recent downturn of the Unites States economy many major elements in the economy have suffered. Unemployment rates are still at unsatisfactory levels, expectations remain low among consumers, and consumer income is also lower than satisfactory. Although, current interest rates remain low it is believed that more needs to be done to ensure an economic rebound remains within grasp. The following represents recommended changes needed to ensure United States Citizens do not suffer more than they already have. The economy is considered to be very unstable at the current time, and it is the duty of the United States government to do everything in their power to once again stabilize the once booming economy for the sake of the entire country and its citizens.
There are some very good points made in this article and it does not seem to be emotionally charged toward either side. There is no easy way to fix the problem and it will definitely affect the economy, however it must be addressed because these people are living in horrible conditions making well under minimum wage and the only people profiting are employers. There is a demand that must be met for low skilled workers and most natural Americans are either too proud or feel they are too well educated for them. Until the demand is met in a reasonable way there will be no slowing the illegal immigration across the border, it has been proven that increasing patrols and enforcement are not
I believe there is correlation between performance and motivation x ability, but I think another factor has to be considered as well. In order to achieve peak performance you need to add opportunity or environmental factors. You certainly need the desire and commitment first as well as the ability, but without the opportunity to achieve or someone to give you a chance to perform you will not achieve your peak performance level. A few examples come to mind. A real estate agent can have motivation x ability, but the economic collapse of the housing market is going to inhibit that person’s peak performance by no fault of their own.