Management vs administration: Management is the act of managing people and their work for achieving an organization’s goal using its resources where administration is an organized process of administering the management of an organization.
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What is Productivity?
The productivity of a production system is similar to the efficiency of the production system. Productivity may be defined as the ratio of the output of the system to its input.
![What is Production planning and Control ? [Simply explained], 8 Functions of production planning and control.](https://educationleaves.com/wp-content/uploads/2020/06/What-2Bis-2BProduction-2Bplanning-2Band-2Bcontrol_.png)
Production is the transformation of raw material into finished goods. planning looks ahead anticipates possible problems and decides in advance as to how the production carried out in the best way.
Control makes sure that the programmed production is constantly maintained.
Production is a process of value addition, which is developed to transform a set of input elements like man, raw material, capital, energy, information into finished products and services in proper quality and quantity.
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Management may be defined as the art of work done through people, with the satisfaction of the employer, employees, and the public.
To do this, it is necessary to guide, direct, control human effort towards the fulfillment of the goal of the enterprise.
The term “barefoot entrepreneur” evokes a distinct image: resourceful individuals operating small businesses outside the formal regulatory and tax frameworks. They navigate the bustling streets, dusty markets, and vibrant communities of the informal economy, driven by the desire for self-reliance and economic opportunity. These entrepreneurs, often overlooked in traditional economic models, play a crucial role in providing essential goods, services, and employment, particularly in developing countries.
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Globalization refers to the interconnectedness and interdependence of economies, cultures, societies, and nations across the world. It involves the exchange
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Gross Domestic Product (GDP) is the monetary value of all finished goods and services produced within a country’s borders in a specific time period. It is a comprehensive measure that reflects the overall economic performance of a nation, encompassing the total value of goods and services generated by businesses, governments, and consumers. GDP serves as a key indicator for assessing the size and health of an economy, providing insight into its level of production and economic activity.
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Join us on this journey as we navigate through the 6 primary structures of markets: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly, Monopsony, and Oligopsony. There are two more types we will also discuss. We’ll uncover the defining characteristics of each market type, explore real-world examples, and discuss the implications these structures have on businesses, consumers, and society as a whole.
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Game theory’s ability to model and analyze strategic interactions has proven invaluable in addressing complex problems involving conflict, cooperation, and competition.
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