Scarcity in Economics and Division of Labor – 7 advantages of division of labor

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Scarcity

Scarcity is the basic economic issue that all societies face equally. In economics, the term “Scarcity” refers to the situation that “the available resources in an economy are not sufficient to fulfill all the human wants completely”. This is a theoretical concept that is based on the insatiable nature of the human mind. Once the …

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Opportunity Cost

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Opportunity Cost

Opportunity Cost is an important concept in computing the true cost of resource allocation either in consumption in production. The concept of opportunity cost is used by the economists’ true cost of resource utilization. In economic analysis, two types of cost are considered.   Financial cost – this is the cost incurred in the form of …

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Market Supply

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Market Supply

Similar to the demand of production, the market supply of a product is the horizontal summation of the individual firm’s supply schedules. The market supply is a dependent variable that will be influenced by some other factors mentioned below. Price of the product Prices of other products Prices of the factors of productions Government policies …

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Demand in Economics

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Demand

In economics, the term “Demand” refers to the desire for goods and services backed by the purchasing power and the willingness to purchase. Mere “Desire” for products does not reflect in the market. The demand supported by the purchasing power is termed as the “Effective demand”. Hence, the demand for a good can be defined …

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Entrepreneurship and Creativity – An Innovative Perspective

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Entrepreneurship and Creativity

Entrepreneurship is about creating new businesses by using unmet possibilities in the world. Entrepreneur builds new businesses by taking advantage of the available opportunities. When creating new businesses, the entrepreneur should have to face many risks throughout the entrepreneurial journey. Importance of entrepreneurship Entrepreneurs are known as people who see the things that other people …

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Strategic Alternatives: 04 Main Types of Strategies

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Strategic Alternatives

Strategic alternatives are long term plans that businesses develop to set their direction. When setting the organizational direction, the human and organizational resource availability will be considered and the goals will be set based on the resource availability. Generally, analysis methods such as SWOT will be used when building the strategic alternatives of an organization. …

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The e-Commerce Industry and its Effects on Society

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The e-commerce industry and its effects on society

The E-commerce industry is one of the most popular business industries in the modern world. Its popularity and importance are getting higher day-by-day due to the increase in technological advancements. The E-commerce industry provides a virtual facility where the goods and services will be displayed for the customers to purchase and complete a transaction through …

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Innovation Management – An Introduction

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Innovation management - An introduction

Innovation management is considered as a combination of management processes, innovation, and change management. It involves product or service, business process, marketing the product, and organizational innovation. The initial concept of innovation management was put forward by an Austrian economist Joseph Schumpeter in around the 1930s. According to him, innovation is considered a significantly important …

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The Ethical Perspective of Business Outsourcing

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The Ethical Perspective of Business Outsourcing

It is important to explore the ethical perspective of business outsourcing concept as is argued that there are both pros and cons in outsourcing external parties for business activities. Outsourcing is the organizations’ practice to hire an outside individual or a company to get a task done without assigning it to internal employees. This habit …

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