Answer:
In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
Explanation:
For the case of a consumer with an inelastic demand curve, it is less costly to cater for them, hence reducing the production fixed cost. given that different customers will be charged differently for the same product, it is easy to cover for a low profit range.
A decrease in transfer payments has the same basic effect on aggregate demand as larger the marginal propensity to save.
<h3>What is aggregate demand?</h3>
Aggregate demand refers to the total amount of the money spent on the purchase of the commodity for the particular period of time. It includes the demand of the consumer goods, imports, and government spending.
When the change in the transfer payments, it affects the consumption level of the individual, which results in the shift in the aggregate demand of the product.
Therefore, it can be concluded that A reduction in transfer payments has the same basic effect on aggregate demand as an increase in the marginal propensity to save.
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Answer:
A
Explanation:
Employee rewards vary little from person to person and are not much based on individual performance differences.
Answer:
Total quality management (TQM) is an ongoing process for manufacturing errors to be detected and minimized or eliminated, the management of the supply chain is simplified, customer experience improved and training for employees is up to date.
Explanation:
The overall quality management aims to ensure the overall quality of the final product or service is accountable to all the parties involved in the production process.
Comprehensive quality management is a continuous detection and eradication process. Total quality management (TQM).
It is used for streamlining supply chain management, improving customer service, and providing training for employees.
The goal is to improve the quality of the products and services of an organization by continuously improving internal practices.
Total quality management is intended to make all involved parties responsible for the overall quality of the final product or service in the manufacturing process.
TQM approach requires small companies to understand (and are) their existing customers, to recognize and keep these expectations at the forefront of their strategy and processes. TQM approach This principle should also apply to internal customers who treat employees like customers and meet their demands.
