1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ioda
2 years ago
14

Discuss the four common types of constraints (time, labor, equipment, and facilities) facing service businesses and give an exam

ple of each (real or hypothetical).
Business
1 answer:
nevsk [136]2 years ago
6 0

Answer:

The most severe constraint that anyone faces is time, the day has 24 hours, a week has 7 days and the year has 365 days. No matter how big or small a company is, time is the same for all. E.g. a factory has to build 10,000 units of good X for next week, they must do it before the due date. If the factory is shut down for any reason at all, e.g. lights go out, they will have to work overtime.

Two of the other constraints are basically related to capital: equipment and facilities. No matter how rich a person is or how big a company is, they have a certain amount of money, they cannot own it all. Only governments own machines that print money, and even they face strict regulations regarding how much money they can print. You need money to buy more equipment and build larger facilities, or if you do not have enough money, you will have to work overtime or eventually not be able to produce the output that you wanted. A facility has a certain level of maximum production, the same for a machine or equipment, and you cannot make it work over that level. E.g. a machine produces 10 units per hour, so it will not be able to produce 100 units per hour, nor 20 nor 40, not even 11.

Labor constraints refer to the total amount of labor supply available. E.g. all you need to do to understand the shortage of certain qualified labor is look at the amount of job vacancies in the high tech, computer and software industries. There are hundreds of thousands of vacant jobs around the world which cannot be filled simply because there are not enough qualified people. That is also the reason why careers in these industries are paid higher than average wages.

You might be interested in
OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the
Marat540 [252]

Answer:

See attached file

Explanation:

3 0
3 years ago
During the _____________ ________________, over 7 million African Americans moved away from the South to the economic opportunit
o-na [289]

Answer:The great migration

Explanation: During the great migration between 1916 and 1970, ala the number of African Americans moves away from the South to the North due to recurring segregation and racism.

4 0
3 years ago
The term that comprises organizational principles, values, and norms that may originate from individuals, organizational stateme
boyakko [2]

Answer: Business ethics

Explanation: Business ethics is that branch of ethics, which examines the problems that arise due to unethical behavior of employees within an organisation. Such a behavior can result into serious issues like insider trading or false whistle blowing etc.

Business ethics helps to form the guidance on value and norms that an employee should follow in the form of code of ethics.

8 0
3 years ago
Suppose that Edison, an economist from a university in Arizona, and Hilary, an economist from a school of industrial relations,
Ivahew [28]

Answer:

Tariffs and import quotas generally reduce economic welfare.

Explanation:

The vast majority of economists (over 90% according to the University of Chicago) agree that tariffs and import quotas generally reduce economic welfare. This is perhaps the normative statement in which economists agree the most.

The reason why is because tariffs and import quotas only benefit a small fraction of domestic producers, to the dismay of a larger number of consumers who end up having to pay higher prices for consumer goods.

6 0
3 years ago
​A restaurant, which operates in a perfectly competitive market, is evaluating whether it should serve breakfast on a daily ba
riadik2000 [5.3K]

Answer:

TRUE

Explanation:

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

In the short run, the firm would continue to operate if its revenue covers variable cost. if it doesn't it would shut down.

8 0
3 years ago
Other questions:
  • How long will it take for the dollar's purchasing power to be 3/4ths of what it is now, if the general inflation rate is expecte
    8·1 answer
  • Based on the following information, determine the amount of equipment on the balance sheet. Total liabilities and owner's equity
    8·2 answers
  • If the United States were to produce all of its own steel, rather than importing large quantities of steel from other nations, t
    8·1 answer
  • When there few close substitutes available for a​ good, demand tends to be
    15·1 answer
  • When a nation’s currency appreciates, what is the most likely result?
    5·1 answer
  • Illustrate the following with supply and demand curves:
    15·1 answer
  • Jolly Company wants to have​ 10% of the next​ quarter's sales in units on hand at the end of each quarter. Inventory at the begi
    9·1 answer
  • The customer requires ICC(A). Considering that the insurance policies of China’s domestic insurance companies are all based on C
    9·1 answer
  • Shmenson Company uses the periodic inventory system. Sales for 2020 were $470,000 while operating expenses were $175,000. Beginn
    9·1 answer
  • If the internal rate of return is used as the discount rate in the net present value calcula-tion, the net present value will be
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!