Answer:
Concept & example of Opportunity Cost
Explanation:
Opportunity Cost is the cost of next best alternative foregone, while choosing an alternative. This arises because of 'choice' problem, due to unlimited wants & limited resources - having alternative uses.
Eg : If I can have 2 chapatis or a bowl of rice. And, I eat a bowl of rice. Then, 'opportunity cost' of a rice bowl is - the next best available '2 chapattis' foregone for the former.
Internal influences on HRM objectives
Corporate objectives
E.g. an objective of cost minimisation results in the need for redundancies, delayering or other restructuring
Operational strategies
E.g. introduction of new IT or other systems and processes may require new staff training, fewer staff
Marketing strategies
E.g. new product development and entry into a new market may require changes to organisational structure and recruitment of a new sales team
Financial strategies
E.g. a decision to reduce costs by outsourcing training would result in changes to training programmes
External influences on HRM objectives
Market changes
E.g. a loss of market share to a competitor may require a change in divisional management or job losses to improve competitiveness
Economic changes
E.g. changes in the level of unemployment and the labour market will affect the supply of available people and their pay rates
Technological changes
E.g. the rapid growth of social networking may require changes to the way the business communicates with employees and customers
E.g. the growing number of single-person households is increasing demand from employees for flexible working options
Political & legal changes
E.g. legislation on areas such as maximum working time and other employment rights impacts directly on workforce planning and remuneration
Share:
Answer:
Obtain census information available on the internet,
Explanation:
The number of households in the neighbourhood must have been captured during census and uploaded on the census board website or those of relevant agencies.
A visit to such websites to get the number of households in the neighbourhood of interest is very cost-efficient as the only thing that the market researcher needs to do is to have just internet subscription package which can be obtained for an extreme lesser fee when compared to paying the households visits, transporting to and fro and replenishing lost energy by buying food or taking energy drinks.
Answer:
C ) As demand increases,price increases
Answer:
The main aim for economic activities is production of goods and making sure that it reaches the end consumer. Therefore business is considered an economic activity because it ensures production, sale, distribution of goods and services in order to satisfy consumer wants, with the purpose of making good profits
Explanation:
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