Market failure arises because it is not possible for the market to correctly weight cost and benefits in a situation in which some of the cost is completely unaccounted.
Demand-side market failures happen when demand curves do not reflect consumer?s full willingness to pay for goods or services.
Supply-side market failures occur when supply curves do not reflect the full cost of producing a good or services.
Productivity is a result of the way that a business operates ? the result of the way that its people, business processes, different functional units and suppliers come together to meet the needs and wants of its customers.
Productivity is the combination of intelligent planning and focused efforts and hence, it is a combination of Efficiency and Effectiveness.
Efficiency :
Efficiency is an internal measure of performance for companies that shows how well the company converts inputs into outputs. The more the ratio of outputs to inputs approaches 100 percent, the better the efficiency of the process will be. In simple terms, it is ?doing things right? and comes from proper harnessing of time, cost and efforts.
Effectiveness :
Organizational effectiveness is an external measure of performance and indicates how well an organization fulfills the demands of various organizational stakeholders. Simply put, it is ?doing the right things."
Plagiarism is when you copy someone's work and try to pass it off as your own. Plagiarism can be a violation of copyright laws and can be considered cheating, resulting in you getting a failing grade or even being kicked out of school.
Comments
There are no comments.Copyright ©CuriousTab. All rights reserved.