The Production Possibility Frontier (PPF) or Production Possibility Curve (PPC) is the graphical expression of both the concepts of scarcity and opportunity cost. It shows the maximum amounts of production that can be obtained by an economy. (Assuming that the technological knowledge and quantity of input is fixed and the economy operates at its’ level of productive efficiency ). …Read the entire entry

Many see the concept of opportunity cost as one of the very few profound “eternal truths of economics,” which is a result of the universal nature of scarcity as the central economic problem.
Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity forgone (and the benefits that could be received from that opportunity), or the most valuable forgone alternative. …Read the entire entry

All the natural resources are not abundant. This term ‘Not abundant’ is called ‘scarcity’ in the terminology of economics that simply refers to limited supply of specific kind of natural resource. Scarcity or limited supply configures a natural resource as an economic resource.  So more specifically, Scarcity means not having sufficient resources to produce enough goods or services to fulfill unlimited subjective wants. Alternatively, scarcity implies that not all of society’s goals can be attained at the same time, so that we must make trade-off one good against others. …Read the entire entry

Production involves bringing together certain inputs – called factors of production or resources- to create goods and services i.e., the output. Resources are the ingredients necessary for producing goods and services, just as you cannot bake a cake without ingredients of flour, eggs, sugar, and so on. It is these resources that are scare and, in turn, cause goods and services that are produced with them to be scarce.
Nature is the only source of all kind of primary resources. The primary resources can be termed as ‘natural recourse’.

To human the prime issue, as a biological being, is to maintain own life like any other animal or bird. By meeting some basic needs (like fresh air to breath, water to drink, foods for nutrition) this target is obtained. …Read the entire entry

“Groups can have a synergy created when the combined efforts of cooperation between two or more persons produce an effect that exceeds the sum of what the individual members could do alone” (Corning & Caney 1986 in Working With Our Publics, Page & Berkow 1994). …Read the entire entry

Organizational Structure
Apportionment of responsibility and Authority among the members of an organization. Functional Organization, Matrix Organization, and Line Organization are three common types of organizational structure. …Read the entire entry

1) Maximum use of manpower

2) Mass production

3) Increase in efficiency

4) Increase flexibility

5) Initiative & development

6) Development of high moral

7) Reduction of wastage

8) Reduction of labor turnover

9) Establishing fair labor management relation