Total Quality Management is an approach to the art of management that originated in Japanese industry in the 1950’s and has become steadily more popular in the West since the early 1980’s. Total Quality is a description of the culture, attitude and organization of a company that aims to provide, and continue to provide, its …
In economics, elasticity is the ratio of the proportional change in one variable with respect to proportional change in another variable. Price elasticity, for example, is the sensitivity of quantity demanded or supplied to changes in prices. Elasticity is usually expressed as a negative number but shown as a positive percent value. This article provides …
In economics, an isoquant (derived from quantity and the Greek word iso [meaning equal]) is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. While an indifference curve helps to answer the utility-maximizing problem of consumers, the …
The ‘law of diminishing returns‘ plays so large a part both in the theory of rent and the theory of population as they are now taught, that we should naturally expect to find it promulgated both by James Anderson, the reputed anticipator of Ricardo, and by Malthus in his Essay on the Principle of Population. …
The production function for a firm is the relationship between the quantities of inputs per time period and the maximum output that can be produced. It can be calculated for one or more than one variable factors of production. The one variable factor of production function corresponds to the short-run during which at least one …
When most people think of fundamental tasks of a firm, they think first of production. Economists describe this task with the production function, an abstract way of discussing how the firm gets output from its inputs. It describes, in mathematical terms, the technology available to the firm. Format: HTML | Size: — Source: ingrimayne Read …
In microeconomics, Production is simply the conversion of inputs into outputs. It is an economic process that uses resources to create a commodity that is suitable for exchange. This can include manufacturing, storing, shipping, and packaging. Some economists define production broadly as all economic activity other than consumption. They see every commercial activity other than …
Managerial economics (also called business economics), is a branch of economics that applies microeconomic analysis to specific business decisions. As such, it bridges economic theory and economics in practice. It draws heavily from quantitative techniques such as regression and correlation, Lagrangian calculus (linear). If there is a unifying theme that runs through most of managerial …
The theory of scientific management is the “brainchild” of Frederick Winslow Taylor. In its simplest form the theory is the belief that there is “one best way” to do a job and scientific methods can be used to determine that “one best way”. Taylor developed his theory through observations and experience as a mechanical engineer. …
The classical school of management derives from the sociology of Weber, the scientific management findings of Taylor, Gantt and Gilbreth, and the administration perspective findings of Fayol, Urwick and Brech. The classical school looks for universal principles of operation in the striving for economic efficiency. The organisation works within itself and only within itself. It …