Skills refers to the ability to do something effectively. Like traits, skills also have an inherited component, but can be learned to a large extend. Skills relevant to effective leadership includes technical skills, social skills, cognitive skills and administrative skills. This applies to all levels and types of management
Households must make three basic decisions:
- How much of each product or service to demand.
- How much labor to supply
- How much to spend today and how much to save for the future
We all like spending money on the things we like. But it is a important to save and invest some of it. Borrowing should be avoided unless you are borrowing for something that can make even more money.
Households supply labor to businesses in exchange for an income. There are many decisions to be made and lots of trade-offs.
Households choose products and services based on
- The prices of the products/services as well as prices of substitutes and compliments.
- The household income and accumulated wealth
- Tastes and preferences
- Household’s expectations about the future.
In a previous article Supply, demand and market equilibrium we discussed the relationship between supply, demand and price. We also saw how governments and companies often try to manipulate the price in Rationing and allocating resources.
But how much can a price be manipulated before consumers stops buying the product. How much will demand change in response to changes in price. We can calculate the magnitude of change with the elasticity formula.
In a previous article supply, demand and market equilibrium we discussed the relationship between supply, demand and prices.
We can use graphs to predict the effects of changes in price and quantity demanded/ supplied to some extend (if all else stays equal).
In a previous article Supply, demand and market equilibrium we discussed how prices is determined by supply and demand if all else stays equal. In this article I want to talk about ways in which prices can be manipulated to be something other than the equilibrium price and the effect it has on the economy.
Managers at various levels of the organisation still performs the same general management functions and activities even though they manage different disciplines on various levels in the organisation such as supervisor, middle manager and senior manager.
However, the time managers spend on each management function varies from one level to the next.
In any organisation, a variety of functions are carried out in order to do business. In larger organisations we have different types of managers who are responsible for different areas. For example you may have an Human Resources manager who is responsible for planning, organizing, activation and control specific to the companies manpower needs.