Topics: 1. Industry – Definition i. An industry is defined at a lower, more basic level: a market in which similar or closely related products and/or services are sold to buyers. ii. Industry is the production of an economic good or service within an economy. iii. A classification that refers to a group of companies that are related in terms of their primary business activities. 2. Competition – Essence i. Competition energizes the participants, stimulates creativity and ultimately
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CHAPTER II THEORETICAL REVIEW 2.1 Human Resource Management Management in business pursuits and organizations can be defined as the process of coordinating people and processes in order to accomplish specific goals and objectives. Business management specifically includes planning, organizing, staffing, directing operations, and resourcing. Resourcing, furthermore, requires the strategic use of human, financial, technological, and natural resources in accomplishing the goals of a business entity
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for UK exports is an injection into the UK economy and would serve to boost aggregate demand, enabling UK firms to make use of any spare capacity in order to increase output. This would also lead to a higher derived demand for resources, including labour, thus reducing unemployment. //A second effect of the depreciation on aggregate demand occurs because UK imports would become more expensive due to the fall in the purchasing power of Sterling. This should lead to reduced demand for imports and a
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Case study 1.1 What did that really cost you? Economists measure costs using a concept called opportunity cost. The opportunity cost of an action is the resources used when that action is taken valued in their next best alternative use. It is the problem of scarcity that explains why economists think opportunity cost is the appropriate measure of cost. Scarcity of resources implies that the real cost of an action to society is the resources that are used when that action is taken. Therefore, to
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ijcrb.webs.com MARCH 2013 VOL 4, NO 11 INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS EFFECT OF TRADE DEFICIT ON THE ECONOMY OF PAKISTAN Mohsin Abbas Superior University, Lahore, Pakistan Hassan Raza (Corresponding author) University of Lahore, Lahore, Pakistan Abstract This study has conducted to find the effects of trade deficit on the economy of Pakistan in which trade deficit is the independent and gross domestic product, foreign direct investment exchange rate
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all classes of people. Economic growth also injects investments into the economy as savings become capital for business ventures. It brings twin benefits by boosting productivity and raising income levels for those working in the industrial and service sectors. Thus, an increase in gross domestic product (GDP) is not the only determinant of economic development. It is directly correlated with human welfare factors. Hence, the economic growth models that we study examine the varying degrees of this correlation
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Foreign Direct Investment Bipul Kumar Das * Abstract: The foreign Direct Investment (FDI) is increasing in the world economy. It plays an important role inthe growth process of an economy. Various FDI theories provide the motivations and determinants ofFDI. Economists broadly classified the FDI theories into macro-level and micro-level FDI theories. Themacro-level FDI theories give the macroeconomic factors that determine the FDI and micro-leveltheories discuss the motivation of FDI associated
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bargaining should entail all negotiations that take place between employers, a group of employers of one or more employers’ organization. These negotiations include the determinant of the working conditions and terms of employment, regulation of relations between employers and workers in an organization. According to The National Labour Relations Act (2007), collective bargaining is a mutual obligation of the employer and representative of the employees to meet at reasonable times and confer in good
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203 MANAGING EFFICIENCY AND PRODUCTIVITY Week 11 Dr Pieris Chourides Productivity • A measure of performance. • Broadly a ratio of output to input, i.e. comparing amount produced (output) with resources used (input) • Materials, machinery, labour, capital, energy --- a combination • What improvements have there been over the last 50 years in – construction productivity – payroll processing – Car servicing – banking • How do we evaluate productivity levels and identify areas for
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Working Paper No. 201 Determinants of Competitiveness of the Indian Auto Industry Badri Narayanan G. Pankaj Vashisht January 2008 INDIAN COUNCIL FOR RESEARCH ON INTERNATIONAL ECONOMIC RELATIONS Contents Foreword............................................................................................................................. i Executive Summary .......................................................................................................... ii 1. Literature Review
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