What is productivity?

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What is productivity? Productivity refers to the rate of output per worker or per machine in a factory (Bateman & McAdam, 2006). It describes a variety of measures of efficiency of production. In a simpler language, productivity refers to the amount of work produced either per worker or per hour worked. There are different kinds of productivity e.g. labour productivity, multi-factor productivity, and capital productivity. In a time of intense competition, organisations need to be highly productive in everything they do. In fact, productivity is a crucial factor not only […]

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Opportunity cost: definition and meaning

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There is no doubt that resources are limited. This scarcity of resources often makes the lives of decision makers very difficult. Therefore, economists focus on the optimal use of scare resources. Whenever there is scarcity, you need to make a choice. If you have £10, you can perhaps spend it on buying an economic textbook, or enjoying a meal in a restaurant. You cannot do both! Definition of opportunity cost Opportunity cost is one of the most fundamental ideas in economics. It refers to ‘the cost of a scarce factor […]

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Types of economy (economic systems)

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Economists recognize different types of economy (economic systems) and classify them in a number of ways. According to  Hill (2012, p.52), there are ‘three broad types of economic systems – a market economy, a command economy, and a mixed economy’. However, in addition to these three systems, there is also another system called traditional economic system. Let’s now explore what these economic systems are. Types of economy (economic systems) Traditional economy Traditional economies are the most basic type of economy. In a traditional economy, tradition (customs, belief etc.) determines the […]

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PESTEL analysis of South Africa

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PESTEL analysis of South Africa This PESTEL analysis of South Africa aims to address some of the political, economic, social, technological, environmental, and legal factors that affect South Africa today. South Africa is one of the most powerful countries in Africa and plays a considerable role in global economy and politics. Political environment in South Africa South Africa is a parliamentary republic with the president being both the head of state and the head of government. The president appoints a Deputy President and Ministers to form the Cabinet to administer […]

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SWOT analysis of Facebook

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SWOT analysis of Facebook This article is about a detailed SWOT analysis of Facebook. It examines the strengths and the weaknesses of Facebook. It also examines the opportunities and the threats facing the company. Facebook is a California-based online social media and social networking service company. Mark Zuckerberg and co-founders Dustin Moskovitz, Chris Hughes and Eduardo Saverin launched Facebook on February 4, 2004. Mark Zuckerberg is the current Chairman and Chief Executive Officer of the company. Strengths of Facebook It goes without saying that Facebook is the biggest social media […]

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SWOT analysis of Singapore Airlines

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SWOT analysis of Singapore Airlines This is a detailed SWOT analysis of Singapore Airlines (SIA) that provides a comprehensive insight into the strengths and the weaknesses of Singapore Airlines. It also aims to investigate the opportunities the airline should explore and the threats it should keep an eye on. Strengths of Singapore Airlines Singapore Airlines is a world-renowned airline. It is the flag carrier airline of Singapore. Singapore Changi Airport is the hub of the airline. The airline is majority-owned by the government of Singapore; and therefore, enjoys a strong […]

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PESTEL analysis of Japan

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PESTEL analysis of Japan This PESTEL analysis of Japan aims to address some of the political, economic, social, technological, environmental, and legal factors that affect Japan today. Japan is often called the ‘land of the rising sun’. It is a powerful country in the world. Political environment in Japan Japan is a constitutional monarchy with the emperor being the head of state. Like many other monarchs in the world, Japanese monarch has very limited say concerning the political affairs of the country. However, the people and the constitution of the […]

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Advantages and disadvantages of franchising

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Advantages and disadvantages of franchising Before we start talking about advantages and disadvantages of franchising, let us first look into the definitions of franchising. Franchising refers to ‘the granting of the right by a parent company (the franchisor) to another, independent entity (the franchisee) to do business in a prescribed manner’ (Czinkota, et. al 1992, p.278). According to International Franchise Association (n.d.) franchising is simply a method for expanding a business and distributing goods and services through a licensing relationship. Franchisors give franchisees the right to undertake business in a […]

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SWOT analysis of British Gas

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SWOT analysis of British Gas This SWOT analysis of British Gas aims to provide the readers with a comprehensive insight into the strengths and the weaknesses of British Gas. It also aims to examine the opportunities the company should explore and the threats it needs to keep an eye on. Strengths of British Gas British Gas is the largest energy supplier in the UK. It dominates the gas and electricity market in the country with 20% market share in the domestic electricity supply market and 31% market share in the […]

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SWOT analysis of Jet Airways

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SWOT analysis of Jet Airways This SWOT analysis of Jet Airways aims to examine the strengths and the weakness of Jet Airways. It also aims to investigate the opportunities the airline should explore and the threats it should keep an eye on. Strengths of Jet Airways Jet Airways is an international airline based at Mumbai in India. It is India’s largest domestic airline in the private sector (Jet Airways, 2018). While it had started full-fledged operations in 1995, the airline added international flights in its portfolio in 2004. Jet Airways […]

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