Labour productivity Study guides, Revision notes & Summaries

Factors influencing demand for labour - ANSWERSDemand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour - ANSWERSCost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age from 67 to 68 Market failures in labour marke...

GMS 401 Final exam latest guide 2024 complete Production the creation of goods and services Operations Management Activities that relate to the creation of goods and services through the transformation of inputs to outputs Supply chain A global network of organizations and activities that supply a firm with goods and services Services Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services...

Production - ANSWER-the creation of goods and services Operations Management - ANSWER-Activities that relate to the creation of goods and services through the transformation of inputs to outputs Supply chain - ANSWER-A global network of organizations and activities that supply a firm with goods and services Services - ANSWER-Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services) Service ...

Management - ANSWER-the process by which objectives are achieved through the use of the resources operations - ANSWER-those activities within an organization that are directly related to providing goods or services by transforming inputs into outputs What operations managers do - ANSWER--planning -organizing -staffing -leading -controlling Three basic functions - ANSWER-1. operations 2. finance 3. marketing Pareto Phenomenon - ANSWER-80% of the consequences come from 20% of ...

Production - ANSWER the creation of goods and services Operations Management - ANSWER Activities that relate to the creation of goods and services through the transformation of inputs to outputs Supply chain - ANSWER A global network of organizations and activities that supply a firm with goods and services Services - ANSWER Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services) Service ...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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Factors influencing demand for labour Demand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour Cost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age from 67 to 68 Market failures in labour markets Geograph...

3.6 AQA A Level Business Already Passed calculate labour turnover no. of employees leaving / no. of employees X100 calculate labour cost per unit labour costs/units produced calculate labour productivity output per period/number of employees employee costs as a percentage of turnover equation total employe costs/total turnover X100 Define labour turnover % of employees leaving a business over a period of time why is high labour turnover often a negative thing? More capital has to be spent o...

Test Bank Operations Management Sustainability and Supply Chain Management 2nd Canadian Edition by Jay Heizer Operations Management, Cdn. Ed., 2e (Heizer et al.) Chapter 1 Operations and Productivity 1) Some of the operations-related activities of Hard Rock Café include designing meals and analyzing them for ingredient cost and labour requirements. Answer: TRUE Diff: 1 Skill: comprehension Objective: LO1 Define operations management

Microeconomics AS WJEC Questions and answers Scored A+ 2023 What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are those in finite supply (opportunity ...