International Economic Agreements and Organizations
European Coal and Steel Community (ECSC)
Members: France, Germany, Belgium, Netherlands, Luxembourg, Italy
Purpose: Created a common market for coal and steel to foster economic cooperation and prevent future wars.
Objectives: Economic expansion, job growth, higher living standards, secure market supply, community pricing, equal access to production, modernized production, improved quality.
European Economic Community (EEC)
Purpose: Expanded the ECSC’s principles to a broader range of goods and services.
Read MoreUnderstanding the Modern Business: A Deep Dive
What is a Business?
Economic Perspective
A business is a fundamental production unit. Its core function is to create or enhance value using inputs coordinated by management. Key functions include:
- Managing and coordinating inputs.
- Creating or increasing the utility of goods.
- Assuming risks.
- Generating wealth and employment.
Organizational Perspective (Company as a System)
Business organization involves designing and maintaining an operating system. This includes defining tasks, assigning personnel, establishing
Read MoreUnderstanding Customer Types and Commercial Contracts
Customers
A customer is a person or company involved in a commercial transaction.
Client Classes
According to Distribution Chain
- Wholesale Customers
- Retail Customers
- Late Clients
According to Product Relation
- Impulsive Customers: Customers with no specific brand preference, choosing the first option available.
- Reflective Customers: Customers who spend time considering the purchase, focusing on value for money.
- Money-Conscious Customers: Customers prioritizing the lowest price.
- Emotional Customers: Customers
Cooperative Societies, Globalization, and Business Ethics
Cooperative Society
It is an association of individuals or legal entities with common interests and needs. They develop a specific business, and economic performance is attributed to members once community funds are served, depending on the cooperative activity performed. These societies create a common heritage with limited transferability and are non-profit.
Features
- The cooperative can be first, second, or further degree. In the first degree, the minimum number of members is 5, usually individuals.
Efficient Inventory Management: Strategies and Optimization
Inventories and Management
Procurement Function
The procurement function is to buy the materials needed for the company’s activity (production and/or sale) and store them while starting every process of production or marketing.
The overall objective of the procurement function is to provide the production department with the necessary materials (raw materials, spare parts, packaging…) for the manufacture and sales of the products you sell, and organize the different stocks generated in this process.
Read MoreFordism to Post-Fordism: Evolution of Production Models
Fordism: Origins and Development
Since 1804, England utilized a human chain, later mechanized (1883), for biscuit production for ships. The production demands of the World Wars led to Fordism’s widespread adoption. Fordism, a concept by Henry Ford (1863-1947), is a set of technological, economic, and sociopolitical ideas.
Key Features of Fordism
- Standardized parts and products to reduce costs and boost sales.
- Deskilling, worker concentration, and uniform working conditions.
- Mass production, homogeneous