Labor Supply, Training & Development: A Guide
What is the Marginal Physical Product of Labor?
The marginal physical product of labor is the increase in total output resulting from a one-unit increase in labor.
Does Marginal Physical Product Depend on Worker’s Income?
No, it depends on the worker’s marginal physical productivity.
Employer’s Decision Rule for Hiring Labor
An employer will hire a unit of labor as long as the wage is equal to the value of the marginal product of labor.
Why Does the Labor Supply Curve Bend Backwards?
Over a person’s lifetime,
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Price
Amount of money paid for a product or service, or the sum of values consumers exchange for the benefits of using it.
Marketing Objectives
Companies must determine the product/service strategy, often influenced by market positioning. A common objective is profit maximization.
Marketing Mix Strategy
Pricing decisions should align with product design, distribution, promotion, and advertising for a cohesive and effective marketing program.
Costs
Costs establish the minimum price. Companies aim to cover
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Financial Statements
Balance Sheet
A company’s financial position in a given period.
Accounting Equation: Assets = Liabilities + Capital
Double Entry Method: Balance accounts
Risk Factors and Liquidity of the Company
Debt (Alien Capital)
If there are problems, creditors and lenders can file a lawsuit to recover money from the company. However, shareholders recover money only after the debt has been paid.
Equity
Solvency ratio.
Income Statement
Summarizes the profits of an enterprise in a given period. The
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Marketing Function
Trade as a Consequence of Interaction
Trade is a consequence of the interaction between those who need to purchase goods or services and those who produce them. These changes are dynamic as they depend on market mechanisms, such as supply and demand, mainly from the competition.
Companies’ Involvement in the Market
Companies are involved in the market and depend on it to operate and exist. This is where markets exist. The market involves transactions between sellers and buyers, i.
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Accounts
Definition
Accounts can be defined as the set of homogeneous economic facts and acts properly quantified. It is significant that the entire accounting system moves on the basis of accounts.
Components of an Account
The accounts consist of:
- Subject: A person in respect of which the thing is considered.
- Property: Tangible or intangible element which is of economic fact.
- Value: The numerical expression of this economic fact.
Representation of an Account
We can represent an account with a T-account
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Marketing Strategies and Information Systems
The Importance of Trademarks
Jeremiah, the Marketing Director of “Walking the Floor” (a leather sandal company), has been advocating for the development of a trademark. Currently, the company sells its products through retailers who use their own branding. Developing a trademark like “Foot in the Ground” would allow the company to:
- Build a brand image and connect with their target audience.
Marketing’s Pervasive Influence
Organizations and individuals are
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