Answer:
management science
Explanation:
Operations management refers to the area of management whose primary concern is the design and control of production as well as the redesigning of business operations.
It is a very important aspect of management. Advancement in management sciences leads to advancement in operations management.
Answer:
Option (B) decreases by 5 percent
Explanation:
When the nominal wage rate is $10 and the CPI is 200
The real wage rate
= [Nominal wage rate ÷ CPI in 2017 ] × 100
= [ $10 ÷ 210 ] × 100
= $4.76
Now,
The change in the real wage rate between 2016 and 2017
= [ ( 4.76 - $5.00 ) ÷ $5.00 ] × 100
= - 0.048 ≈ -0.05 or - 5 percent
here, negative sign means decrease
Hence,
Option (B) decreases by 5 percent
It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy. Scarcity is important for understanding how goods and services are valued.
<h3>How has scarcity forced you to make economic choices?</h3>
Scarcity forces all of us to make choices by making us decide which options are most important to us. The principle of scarcity states that there are limited goods and services for unlimited wants. Thus, people need to make choices in order to satisfy the wants that are most important to them.
<h3>What is scarcity of resources?</h3>
Scarcity in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited. Scarcity results in consumers having to make decisions on how best to allocate resources in order to satisfy all basic needs and as many wants as possible.
To learn more about Scarcity , refer
brainly.com/question/1888324
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Answer:
The trade off Bill's Bakery will make will be using most of its resources in producing the product that would be more attractive to the customers while producing lesser of the less attractive product
Explanation:
The trade off that Bill will make will be using most of its resources in producing the product that would be more attractive to the customers while producing lesser of the less attractive product. this will be dependent on which product will be more beneficial to Bill's Bakery financial i.e based on customers depend .
A Trade off is a business exchange where by one benefit is given up for another because both cannot be compatible at a time
