What is Labor Labor as factor of production is any human effort used productively (with an output of goods or services) for which payment is made. Honorary work and work for enjoyment are excluded Special Features of Labour Perish ability – cannot be stored, today’s effort …
What is Land Land as factor of production includes not only area of the earth surface but all resources that are a gift of nature as mineral deposits. Features of Land Supply is strictly limited in quantity (has alternative uses); Imperishable-resources used become commodity; Immoveable-site cannot …
Lionel Robbins Definition of Economics After criticizing definition of economics by Alfred Marshall, Lionel Robbins (22 November 1898 – 15 May 1984) a British economist gave his own definition of economics in his book “An Essay on the Nature and Significance of Economic Science” published in …
Definition of Economics by Alfred Marshall Neoclassical Economist Welfare definition of Economics by Alfred Marshall (1842-1924) led the Neo-classical school. Alfred Marshall gave economics a respectable place among other social sciences. In his book “Principles of Economics” published in 1890, has defined economics in these terms, …
Without consumer no business can exist. Consumer Sovereignty refers power of consumer to decide in a free market, what to produce which make him sovereign over the capitalists and entrepreneurs. When a consumer purchases a commodity, a whole chain of events must previously have occurred. A …
The Management of Process Quality category examines systematic processes the company uses to pursue ever-higher quality and company operational performance. The main elements of process management are examined including: Research and Development Design Management of Process Quality for all work units and suppliers Systematic quality improvement …
Crosby Quality Management Crosby stresses motivation and planning. He achieved great fame by promoting his views regarding quality. He does not give importance statistical process control and several problem-solving techniques. According to him it is better to prevent quality rather than correction or detecting. He defines …
