Business

If both supply and demand increase at the same time, we’ll get a new market equilibrium point. In a free market, demand, or the willingness of customers to purchase a particular product, depends on...

Business has a very important role to play in a capitalist economy. It is business activity that generates most of a nation's wealth, creates the lion's share of jobs, and provides most of the...

This phrase means that a person is either born with leadership skills or without them. Those that support this theory are of the opinion that you cannot teach a person to be a leader. Before we go...

The four main functions of a supervisor are planning, organizing, leading, controlling. To understand the role of supervisor, it is first critical to understand that supervisor duties are...

There are a number of different pricing strategies which account for different competitive landscapes. Pricing strategy is an incredibly important aspect of the marketing mix. Cost-plus pricing is...

Environmental uncertainty is when conditions are constantly changing within a business environment. As a result, management has little influence over factors that are outside of the company’s...

The main factors affecting tourism demand include the economy, the number of sights and sites of potential interest to tourists, such as historical locations or natural wonders that cannot be seen...

By definition, HRM or Human Resources Management is the same around the world. It is the department of any company involved in attracting, recruiting, training, and retaining the best possible...

Efficiency involves using the least amount of resources in order to achieve the greatest results. Scheduling tools that measure the number of people needed to service the customers in a store is...

A positioning map should not be confused with a perceptual map. The first is the actual positioning of a brand within a competitive marketplace, while the second is the consumer perception of a...

Process strategies refer to the method by which a company creates its consumer goods. The four most commonly accepted strategies are defined by how they relate to levels of both volume and...

One advantage is that Nike is an internationally known brand and can thus sell shoes all over the world. Nike also can keep labor costs down by using laborers in the developing world—this allows...

A business entrepreneur is any individual who starts and operates a business while assuming the risks associated with any such venture (e.g., using one's own collateral in exchange for start-up...

In an ideal world, there’s clear differences between business administration and public administration. The former’s main concern is the business itself. When it comes to business administration,...

Almost no one has unlimited economic resources. Most people, most families, and certainly all countries experience shortages in funds. In other words, they want (or perhaps need) more than they can...

In business, regionalization is a business strategy frequently employed by globalized companies to compensate for some of the problems raised by globalization. Globalization means the...

Business functions refer to all the various activities carried out by a business as it seeks to meet its goals and provide its goods or services to the public. Business functions are generally...

There are a number of advantages and limitations to using graphs and charts. To start with the advantages, graphs and charts enable data to be summed up and understood in an instant, without...

Businesses are essential to a nation's development because: They offer job opportunities to the citizens of that nation. This in turn helps the people to generate incomes and improve their living...

I would argue that there are more differences than similarities between Maslow's Hierarchy of Needs and McGregor's Theory X and Theory Y. The common denominator is that they are ways of explaining...

This definition of management does not integrate the growing role of technology in business processes and therefore in the management process. A better definition to convey the present-day concept...

Though the phrases are very similar in their external appearance, they hold different meanings. A change in quantity supplied is a simple phrase meaning the number of items you ordered has...

The role of a consumer is not just important in an economic system—it is essential. Without the consumer, the economic system could not function, since the entire process of production takes place...

In its most basic terms, the Dunlop Systems Theory in Industrial Relations is about the structure and development of relationships among the three integral members of labor relations (labor,...

We'll begin with two scenarios to illustrate price elasticity of demand. First, there is a particular movie you want to buy on DVD, but the price is rather high when the movie is first released, so...

Vouching is the process of verifying the information recorded in the company's books of accounts. When vouching, auditors use receipts, vouchers, and any other document used as proof of transaction...

A capitalist democracy system denotes a system based on economic incentives and free markets to boost businesses. It also supports a social system based on diversity with regards to views,...

Behavior, output and input controls are managerial means of controlling job requirements and expectations and end results in terms of company objectives and production targets. Effectiveness of...

First and foremost, marketing is concerned with maximizing sales to boost business earnings. The concept of marketing sheds light on marketing as a discipline and how it has influenced businesses...

In today’s business world, a business must be both effective and efficient. It would be very difficult to be successful if only one of these conditions was present. In order to maximize profits, a...

A company profile is just what the name implies. It is a document explaining what your company is and what you do. It is a public-facing document, so one should take care to not include any...

Managers walk a fine line. When they focus solely on the current value and price of their stock, it often leads to an over-emphasis on short-term profits at the expense of long-term profits. When...

The difference between a method and a procedure is similar to the difference between strategy and tactics, in that the two are often confused, and understandably so. Perhaps the easiest way to...

Financial management focuses primarily on the picture of a company's financial health at the current moment, striving to maximize the current value of the firm's stock and its payments to...

The average cost curve is u-shaped because costs reduce as you increase the output, up to a certain optimal point. From there, the costs begin rising as you increase the output. To understand why...

In business, authority and responsibility need to be aligned appropriately, with the person responsible for certain outcomes having the authority to make them happen. Authority refers to the...

Let's begin by defining our terms. A plan sets the course for an organization's actions over time, setting goals and defining objectives (tasks that help to meet goals). Plans can be either...

Globalization is the transfer of goods, services, and technology from one country to another. Countries sign treaties to ease the process of doing business for foreign firms. For example, the US...

While “productivity” is not exclusive of “quality,” as “productivity” can, indeed, refer to the quality of output as well as the quantity of items produced or services performed, for purposes of...

Economic resources are long term assets which can be utilized for the production of goods and services for the benefit of an organization or country. Economic resources can be looked at from an...

The similarities between oligopoly and monopoly competition are: They both exhibit imperfect competition in that oligopoly has few sellers while monopoly has many sellers. Firms have some level of...

A capitalist democracy is a combination of a capitalist economic system and a democratic political system. Thus, advantages and disadvantages of the hybrid system can be derived from the two...

The relationship between commerce and business is that business activity is carried on within the framework of commerce. Commerce encompasses all aspects of large-scale buying and selling...

The difference between a closed internal recruitment system and an open internal recruitment system is the range of potential candidates who are told about the position. In both cases, the company...

A global network refers to the interconnection of people and companies across the world. Multinationals and transnationals are examples of the global corporate network. These companies transfer...

When establishing a product mix, a business must decide where it places itself in terms of its target market. Does it want to compete to be the best-priced product, or the most luxurious, for...