Economic Concepts Essay Example | Topics and Well Written Essays - 500 words

Economic Concepts - Essay Example e) Michelle seems to be much more efficient than James at utilizing the same space and resources for the purpose of both raising chickens and growing potatoes. Perhaps Michelle is a much more experienced farmer than James or perhaps the soil in Michelle’s farm is much more fertile. Regardless Michelle has the absolute advantage in both the chicken and potato production compared to James. f) Since Michelle can produce potatoes at a ratio of 4 pounds of potatoes per chicken versus James ratio of 2 pounds of potatoes per chicken, so to Michelle’s the potato crop is more valuable compared to her chicken production. Michelle holds the comparative advantage in the production of potatoes. g) Since James can only produce 80 pounds of potatoes year, but yet he is able to produce 40 chickens which are more valuable than the 80 pounds of potatoes he can produce in his farm; James holds the comparative advantage in the production of chickens. h) If both James and Michelle were to s pecialize in the area where they both hold a comparative advantage they would both be better off. Since based the exchange rate is 2.5 pounds of potatoes for each chicken Michelle’s 200 pounds potatoes are worth 80 chickens versus her capability of producing 50 chickens. This represents a 60% increase in her overall production. In the case of James 40 chickens are worth 100 pounds of potatoes versus his farm production capacity of capacity of 80 pounds of potatoes.

Management skill Essay Example | Topics and Well Written Essays - 1000 words

Management skill - Essay Example In other words, it can be affirmed from a broader perspective that the business organisations can fulfil their predetermined business targets with the development of the management skills by their business or strategic leaders (Koontz & Weihrich, 2006). Decision making can be regarded as one of the imperative management skills, which needs to be developed by the business or strategic leaders belonging to different organisations with the motive of accomplishing their expected business targets. In this similar context, decision making is principally viewed to be a vital constituent of modern management. In general, the facet of decision making is fundamentally described as the procedure of deciding certain significant aspects that leads the organisations to fulfil their intended business goals by a greater level (Salaman, 2001). Contextually, the significant concern of decision making is typically described as the selection of a definite action from amid several probable substitutes ai ming at mitigating a critical situation faced while conducting various operational functions by the different business organisations. ... decision making as a form of management skill is duly prioritised by different business organisations with the intention of sustaining the activities relating to business along with organisational functioning (Roussel & et. al., 2006). In order to determine the management skill of decision making, it has been viewed that a considerable portion of time is generally expensed at the time when decisions are adopted which might hinder the organisations to develop their overall performance by a greater level. Thus, in order to adopt decisions abruptly and efficiently especially in a management background, certain significant steps need to be followed. The steps comprise identifying as well as stating the exact problem, collecting relevant information, developing the accessible options, selecting better options, effectively planning along with executing the options and finally following up the activities (Lussier, 2008). It has been apparently observed that the organisations belonging to th is modern day context adopt significant decisions in order to fulfil their respective business targets by a significant level. In this similar concern, the different sorts of decisions that have been viewed to be adopted by various modern organisations embrace operational, strategic and tactical decisions. From the standpoint of operational decisions, the business or strategic managers belonging to different organisations have been noted to adopt decisions relating to the aspects that are required for performing daily operations effectively. With regard to tactical decisions, the business leaders of various organisations have been noted to be adopting decisions associated with formulating along with executing effective policies for raising overall organisational performance at large. In