Graphic Arts Budgeting & Cost Estimation Guide
Management Fees and Budget Development in Graphic Arts
4.1 Budget Objectives
The main objective of the budget is to provide a reliable and accurate estimate of production costs. This includes material costs, subcontracting expenses, and the overall cost of labor. The production cost should be as economical as possible for the workshop and its business environment. The budget department must understand the production sequence and available resources to determine the most economically viable approach.
Read MoreMicroeconomics: Markets, Competition, and Monopolies
Microeconomics Concepts
Demand and Supply
25. Demand Function
The demand function is a mathematical relationship that describes the amount of a good demanded as influenced by its price, consumer income, and the prices of other goods. It can be represented as: Qa = d(Pa, Pb, g)
26. The Law of Supply and Supply Function
The Law of Supply: This law expresses the direct relationship between price and quantity supplied. As the price increases, the quantity supplied also increases.
The Supply Function: This
Read MorePublic Choice Theory and Economic Policy
General Analysis of Public Choice Theory
This theory replaces the traditional focus on societal welfare maximization in economic policy with an examination of individual utility maximization by politicians and bureaucrats. It suggests that public officials prioritize their own welfare over that of society.
Background
- Schumpeter: Individuals in elected office are driven by both public and private motivations, seeking to serve others while also using them for personal gain.
- Downs: A political market exists
Policy Analysis & Market Models: A Comprehensive Guide
Policy Analysis
A process to evaluate policies and their impacts. This involves problem identification, exploring alternative solutions, establishing criteria for evaluation, and developing implementation plans.
Perfectly Competitive Market
A market model where many buyers and sellers trade identical products. This often leads to efficiency under certain conditions, benefiting society by maximizing total welfare.
Market Failures
These occur due to externalities, public goods, information asymmetry, and
Read MoreUnequal Exchanges & Underdevelopment in the Global System
The Unequal Exchanges and Underdevelopment
Not all countries engage in trade in the same manner and with equal opportunities. Producers in the South have to sell their goods in Northern markets, unable to exert any influence on prices. Not everyone gets the same benefit from trade.
The Unequal Exchange: Core and Periphery
Because of the unequal distribution in quantity and quality of means of production, different world regions have specialized in the production of certain products at a given level
Read MoreThe Transformation of Agriculture into Agribusiness
Introduction
The transformation of the agricultural field began in the 1950s. In more developed parts of the world, agriculture started to shift from simply producing crops or animals to becoming a growing business. This new approach focused on producing what society needed, considering consumer demands, conducting crops by tradition, providing value-added products, and prioritizing consumer needs.
Background
In 1954 at Harvard University, the concept of agribusiness was introduced. It emphasized business
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