FINAL EXAM MATERIAL TO STUDY
I. INDUSTRIALIZATION.
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Industry
In its broadest sense, industry is any work that is undertaken for economic gain and that promotes employment. The word may be applied to a wide range of activities, from farming to manufacturing to tourism. It encompasses production at any scale, from the local—sometimes known as cottage industry—to the multinational or transnational.
In a more restricted sense, industry refers to the production of goods, especially when that production is accomplished with machines. It is this limited definition of industry that is embodied by the notion of industrialization: the transition to an economy based on the large-scale, machine-assisted production of goods by a concentrated, usually urban, population of workers.
Industrialization
Industrialization is a process of social and economic change whereby a human society is transformed from a pre-industrial (an economy where the amount of capital accumulated per capita is low) to an industrial state (see Pre-industrial society). It is a part of wider modernization process. This social and economic change is closely intertwined with technological innovation, particularly the development of large-scale energy production and metallurgy. Industrialization is also related to some form of philosophical change, or to a different attitude in the perception of nature, though whether these philosophical changes are caused by industrialization or vice-versa is subject to debate. The world's first industrialized city was Manchester in northwest England.
Industrialization has spawned its own health problems. Modern stressors include noise, air, water pollution, poor nutrition, dangerous machinery, impersonal work, isolation, poverty, homelessness, and substance abuse. Health problems in industrial nations are as much caused by economic, social, political, and cultural factors as by pathogens. Industrialization has become a major medical issue world wide, and hopefully will become less of a problem over the upcoming years.
Many third world countries began industrialization under the influence of either the United States or the USSR during the Cold War. This effort has been successful in many East Asian countries and less successful in other areas (excluding some late industrializes in Europe that were already progressing fast before the Second World War).
The nonpetroleum industrial sector of the Iraqi economy grew tremendously after Iraq gained independence in 1932. Although growth in absolute terms was significant, high annual growth rates can also be attributed to the very low level from which industrialization started. Under Ottoman rule, manufacture consisted almost entirely of handicrafts and the products of artisan shops. The availability of electricity and lines of communication and transportation after World War I led to the establishment of the first large-scale industries, but industrial development remained slow in the first years after independence. The private sector, which controlled most of the nation's capital, hesitated to invest in manufacturing because the domestic market was small, disposable income was low, and infrastructure was primitive; moreover, investment in agricultural land yielded a higher rate of return than did investment in capital stock. World War II fueled demand for manufactured goods, and large public sector investments after 1951, made possible by the jump in state oil revenues, stimulated industrial growth. Manufacturing output increased 10 percent annually in the 1950s.
Manufacturing is the transformation of raw materials into finished goods for sale, by means of tools and a processing medium, and including all intermediate processes involving the production or finishing of component parts ("semi-manufactures"). It is a large branch of industry and of secondary production. Some industries, like semiconductor and steel manufacturers use the term "fabrication".
Mass production (also called flow production) is the production of large amounts of standardized products on production lines. It was popularized by Henry Ford in the early 20th Century, notably in his Ford Model T. Mass production is notable because it permits very high rates of production per worker and therefore provides very inexpensive products. Mass production is capital intensive, as it uses a high proportion of machinery in relation to workers. With fewer labor costs and a faster rate of produciton, capital is increased while expenditure is decreased. However the machinery that is needed to set up a mass production line is so expensive that there must be some assurance that the product is to be successful so the company can break even. Machinery such as robitics and a conveyor belt, which have high installation costs as well as the electricty that is needed to run them.
Product
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product.
A product is similar to goods. In accounting, goods are physical objects that are available in the marketplace. This differentiates them from a service, which is a non-material product. The term goods is used primarily by those that wish to abstract from the details of a given product. As such it is useful in accounting and economic models. The term product is used primarily by those that wish to examine the details and richness of a specific market offering. As such it is useful to marketers, managers, and quality control specialists.
Good
A good in economics is any object or service that, upon consumption, increases utility, and therefore can be sold at a price in a market.
If an object or service is sold for a positive price, then it is most likely a good since the purchaser considers the utility of the object or service more valuable than the money. Some objects are very rarely traded, such as air: it can be difficult to determine if such an object is a good or not.
In macroeconomics and accounting, a good is contrasted with a service. A good here is defined as a physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, as opposed to an intangible service. In microeconomics this distinction is rarely made.
II. INTERNATIONAL COMMERCE.
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Commerce
Industrialization or an Industrial Revolution is a process of social and economic change whereby a human society is transformed from a pre-industrial (an economy where the amount of capital accumulated per capita is low) to an industrial state It is a part of wider modernization process. This social and economic change is closely intertwined with technological innovation, particularly the development of large-scale energy production and metallurgy. Industrialization is also related to some form of philosophical change, or to a different attitude in the perception of nature, though whether these philosophical changes are caused by industrialisation or vice-versa is subject to debate. The world's first industrialized city was Manchester in northwest England.
International Commerce
International Commerce Is the exchange of goods and services across international boundaries or territories. In most countries, it represents a significant share of GDP. While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact. Increasing international trade is the primary meaning of "globalization".
Traditionally trade was regulated through bilateral treaties between two nations. For centuries under the belief in Mercantilism most nations had high tariffs and many restrictions on international trade. In the 19th century, especially in Britain, a belief in free trade became paramount and this view has dominated thinking among western nations for most of the time since then. In the years since the Second World War multilateral treaties like the GATT and World Trade Organization have attempted to create a globally regulated trade structure.
Free trade is usually most strongly supported by the most economically powerful nations in the world, though they often engage in selective protectionism for those industries which are politically important domestically, such as the protective tariffs applied to agriculture and textiles by the United States and Europe. The Netherlands and the United Kingdom were both strong advocates of free trade when they were economically dominant, today the United States, the United Kingdom, Australia and Japan are its greatest proponents. However, many other countries (such as India, China and Russia) are increasingly becoming advocates of free trade as they become more economically powerful themselves. As tariff levels fall there is also an increasing willingness to negotiate non tariff measures, including foreign direct investment, procurement and trade facilitation. The latter looks at the transaction cost associated with meeting trade and customs procedures.
Economics
Economics is a social science that typically studies the production, distribution, and consumption of goods and services. Since the early part of the 20th century, economics has focused largely on measurable variables, and employed both theoretical models and empirical analysis. Economic logic is increasingly applied to any problem determining economic value (such as politics, religion, psychology, history and social interaction). A professional working in economics or having an academic degree in the subject is an economist.
The subject is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole. An alternate division of the subject distinguishes positive economics, which tries objectively to predict and explain economic phenomena, from normative economics, which recommends one choice over another—such recommendations often involve subjective value judgments.
Various schools of heterodox economics, for instance socialist economics, green economics and associative economics, seek to explain economic phenomena using different basic assumptions, for example by emphasising that economics is primarily concerned with exchanges of values.
Microeconomics
Microeconomics is one of the main fields of the social science of economics. It considers the behaviour of individual consumers, firms, and industries. (Contrast macroeconomics.)
One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocate society's resources amongst their many alternative uses. Microeconomices analyses market failure, where markets fail to maximise welfare, as well as describing the theoretical conditions needed for perfect competition. Significant fields of study in microeconomcis include markets under asymmetric information, choice under uncertainty, and economic applications of game theory.
Macroeconomics
Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. This is in contrast to microeconomics, the study of the economic behaviour of individual consumers, firms, and industries.
Macroeconomics can be used to analyze how best to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments.
Gross domestic product
A region's gross domestic product, or GDP, is one of several measures of the size of its economy. The GDP is defined as the market value of all final goods and services produced within a country in a given period of time. Until the 1980s the term GNP or gross national product was used. The two terms GDP and GNP are almost identical. The most common approach to measuring and understanding GDP is the expenditure method:
GDP = consumption + investment + government spending + (exports − imports)
"Gross" means depreciation of capital stock included. Without depreciation, with net investment instead of gross investment, it is the Net domestic product. Consumption and investment in this equation are the expenditure on final goods and services. The exports minus imports part of the equation (often called net exports) then adjusts this by subtracting the part of this expenditure not produced domestically (the imports), and adding back in domestic production not consumed at home (the exports).
Free trade is usually most strongly supported by the most economically powerful nations in the world, though they often engage in selective protectionism for those industries which are politically important domestically, such as the protective tariffs applied to agriculture and textiles by the United States and Europe. The Netherlands and the United Kingdom were both strong advocates of free trade when they were economically dominant, today the United States, the United Kingdom, Australia and Japan are its greatest proponents. However, many other countries (such as India, China and Russia) are increasingly becoming advocates of free trade as they become more economically powerful themselves. As tariff levels fall there is also an increasing willingness to negotiate non tariff measures, including foreign direct investment, procurement and trade facilitation. The latter looks at the transaction cost associated with meeting trade and customs procedures.
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A multinational corporation (MNC) is a corporation or enterprise that manages production establishments or delivers services in at least two countries. Very large multinationals have budgets that exceed those of many countries. Multinational corporations can have a powerful influence in international relations and local economies. Multinational corporations play an important role in globalization; some argue that a new form of MNC is evolving in response to globalization e.g. the 'globally integrated enterprise'.
There is a dispute as to which was the first MNC. Some have argued that the Knights Templar, founded in 1118 by Sir Shane Johnson, became a multinational when it stumbled into banking in 1135. However, others claim that the British East India Company or the Dutch East India Company were in fact the first proper multinationals.
Multinational corporations can be divided into three broad groups according to the configuration of their production facilities:
Horizontally integrated multinational corporations manage production establishments located in different countries to produce the same or similar products. (example: McDonalds)
Vertically integrated multinational corporations manage production establishment in certain country/countries to produce products that serve as input to its production establishments in other country/countries. (example: Adidas)
Diversified multinational corporations manage production establishments located in different countries that are neither horizontally nor vertically integrated. (example: Microsoft)
A corporation that has its facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management. Very large multinationals have budgets that exceed those of many small countries.
Sometimes referred to as a "transnational corporation".
Nearly all major multinationals are either American, Japanese or Western European, such as Nike, Coca-Cola, Wal-Mart, AOL, Toshiba, Honda and BMW. Advocates of multinationals say they create jobs and wealth and improve technology in countries that are in need of such development. On the other hand, critics say multinationals can have undue political influence over governments, can exploit developing nations as well as create job losses in their own home countries.
A legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.
The most important aspect of a corporation is limited liability. That is, shareholders have the right to participate in the profits, through dividends and/or the appreciation of stock, but are not held personally liable for the company's debts.
IV. LABOR CODES.
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The International Labour Organization (ILO) is a specialized agency of the United Nations that deals with labors issues. Its headquarters are in Geneva, Switzerland. Founded in 1919, it was formed through the negotiations of the Treaty of Versailles, and was initially an agency of the League of Nations. It became a member of the UN system after the demise of the League and the formation of the UN at the end of World War II. Its Constitution, as amended to date, includes the Declaration of Philadelphia (1944) on the aims and purposes of the Organization. Its secretariat is known as the International Labour Office and its current Director-General is Juan Somavia (since 1999).
As stated by its Director-General, "the primary goal of the ILO today is to promote opportunities for women and men to obtain decent and productive work, in conditions of freedom, equity, security and human dignity." In working towards this goal, the organization seeks to promote employment creation, strengthen fundamental principles and rights at work - workers' rights, improve social protection, and promote social dialogue as well as provide relevant information, training and technical assistance. At present, the ILO's work is organized into four thematic groupings or sectors:
(1) Standards and fundamental principles and rights at work
(2) Employment
(3) Social Protection
(4) Social Dialogue.
(1) Standards and fundamental principles and rights at work
(2) Employment
(3) Social Protection
(4) Social Dialogue.
Labor Code
Codification is predominant in countries that adhere to the legal system of civil law. Spain, a civil law country, introduced the practice of codification in the Philippines, which it had colonized that country. Among the codes which Spain enforced in the Philippines were the Spanish Civil Code and the Penal Code.
The practice of codification was retained during the period of American occupation, even though the United States was a common law jurisdiction.
Beginning in the American era, there was an effort to revise the Spanish codes that had remained in force even after the end of Spanish occupation. A new Revised Penal Code was enacted in 1930, while a new Civil Code took effect in 1950.
"A Trade Union (Labor union), ... is a continuous association of wage-earners for the purpose of maintaining or improving the conditions of their employment"
Over the last three hundred years, trade unions have developed into a number of forms - with differing political and economic regimes influencing them. The immediate objectives and activities of trade unions vary, but may include:
• Provision of benefits to members: Early trade unions, like Friendly Societies, often provided a range of benefits to insure members against unemployment, ill health, old age and funeral expenses. In many developed countries, these functions have been assumed by the state, however the provision of legal advice and representation for members is an important benefit of trade union membership.
• Collective bargaining: Where trade unions are able to operate openly and are recognised by employers, they may negotiate with employers over wages and working conditions.
• Industrial action: Trade unions may organise strikes or resistance to lockouts in furtherance of particular goals.
• Political activity: Trade unions may promote legislation favourable to the interests of their members or workers as a whole. To this end they may pursue campaigns; undertake lobbying; financially support individual candidates or parties (such as the Labor Party in the Great Britain) for public office.
Questions
FINAL MIDTERM QUESTIONS
INDUSTRIALIZATION.
1. What is Industry?
2. What does industry refer in a more restricted sense?
3. Industrialization
4. What is Industrialization?
5. Which was the world's first industrialized city?
6. Which are the modern stressors?
7. When did Iraq gain independence?
8. What influence did we perceive from this fact?
9. What is Manufacturing?
10. What are semi-manufactures?
11. Which industries use the term fabrication to refer to manufacturing?
12. What is Mass production?
13. Who popularized Mass Production?
14. Why is Mass production notable?
15. What is a Product?
16. What’s the difference between product and
INTERNATIONAL COMMERCE.
1. What is International Commerce?
2. What is GDP?
3. What is globalization?
4. What is GATT?
5. What is WTO?
6. What is Economics?
7. Which two main branches is economics broadly divided into?
8. What does Microeconomics do?
9. What is Macroeconomics?
10. What does GDP stand for?
11. What is GDP ?
12. How can we measure and understand the most common approach to GDP expenditure method?
MULTINATIONAL CORPORATION.
1. What is a multinational corporation?
2. Which was the first MNC?
3. How can Multinational corporations be divided?
4. What are Horizontally integrated multinational corporations?
5. What are examples of Horizontally integrated multinational corporations?
6. What are Vertically integrated multinational corporations?
7. What are examples of Vertically integrated multinational corporations?
8. What are Diversified multinational corporations?
9. What are examples of Diversified multinational corporations?
LABOR CODES.
1. What does ILO stand for?
2. What is ILO?
3. What is the primary goal of the ILO today?
4. At present, the ILO's work is organized into four thematic groupings or sectors that are?
(1)
(2)
(3)
and (4)
5. What is a Labor union?
6. What are the immediate objectives and activities of trade unions?
LAS 5 S's
Make sure you understand this and can translate it to English
Las Cinco 'S' (Las 5´s)El movimiento de las 5´s toma su nombre de cinco palabras japonesas que constituyen el Mantenimiento de la fábrica, la oficina o la casa y todas las palabras principian con la letra "S" que son:
1. - Seiri2. - Seiton3. - Seiso4. - Seiketsu5. - Shitsuke
1. - S e i r i
(Diferenciar entre elementos necesarios e innecesarios en el lugar de trabajo y descartarlos innecesarios.)
Por ejemplo en:
El trabajo en proceso
Las herramientas innecesarias
La maquinaria no ocupada
Los productos defectuosos
Los papeles y documentos
Debemos establecer un tope sobre el número de artículos necesarios, ya que en el lugar de
trabajo se encuentran toda clase de objetos y en el trabajo diario sólo se necesita un número pequeño de estos, muchos otros artículos no se utilizarán nunca o solo se necesitarán en un futuro lejano. Un método práctico consiste en retirar cualquier cosa que no se vaya a utilizar en los próximos treinta días.
Las cosas que no tengan razón para permanecer en el lugar de trabajo, que no tengan un uso a corto plazo y que no tengan valor intrínseco se descartan y las cosas que no se vayan a
necesitar en los próximos treinta días pero que se pudieran utilizar en algún momento se deberán de llevar a su correspondiente lugar y el trabajo en proceso que exceda las necesidades deberá de enviarse a la bodega o regresarse al proceso responsable de producir el excedente. Este punto puede aplicarse también áreas de oficinas, clasificando los artículos de acuerdo a su uso, por ejemplo teniendo únicamente en un cajón, cierta cantidad de lápices, bolígrafos, goma de borrar, block de papel, etc., pero una cantidad máxima de 2 artículos de cada uno y a lo mejor en otro cajón todos los artículos personales pero también teniendo una cantidad máxima de dulces, aspirinas, monedas, fósforos, etc.
2. - S e i t o n
(Poner las cosas en orden de todos los elementos necesarios).
Las cosas deben mantenerse en orden de manera que estén listas para ser utilizadas cuando se necesiten. Cada artículo debe tener una ubicación, un nombre y un volumen (cantidad) designado (especificado claramente), Por ejemplo en el área de producción debe delinearse o marcarse claramente el espacio designado para ese tipo de producción y al alcanzar ese nivel máximo permitido debe detenerse la producción en el proceso anterior, para lograr esto colocar objetos pesados del techo que impidan que se apilen más de las cajas necesarias, en otras palabras no darle opción a producir más de la cantidad asignada. Las herramientas deben colocarse al alcance de la mano y deben ser fáciles de recoger y regresar a su sitio. Un ingeniero mecánico estadounidense recuerda que pasaba horas buscando herramientas y partes cuando trabajaba en Cincinnati. Solo después de que sé unió a una compañía Japonesa y vio la facilidad con que los trabajadores podían encontrar lo que necesitaban se dio cuenta del valor de "Seiton".
(Mantener limpias las máquinas y los ambientes de trabajo).
Mantener limpio el lugar de trabajo, incluido pisos, paredes y sobre todo cuando un operador limpia una máquina y su área de trabajo puede descubrir muchos defectos de funcionamiento y problemas de operación y cuando reconocemos estos problemas pueden solucionarse con facilidad, se ha comprobado que la mayoría de las veces las fallas o averías en las máquinas comienzan con vibraciones debidas a tuercas y tornillos flojos, con la introducción de partículas extrañas como polvo o rebabas de metales o con lubricación o engrases inadecuados.
(Extender hacia uno mismo el concepto de limpieza y practicar continuamente los tres pasos anteriores)
Significa mantener la limpieza de la persona por medio de uso de ropa de trabajo adecuada, lentes, guantes y zapatos de seguridad, así como mantener un entorno de trabajo saludable y limpio. Hacer del aseo personal y de la pulcritud un hábito, principiando con la propia persona.
Es muy fácil hacer el paso 1 (Seiri) una vez y realizar algunos mejoramientos, pero sin esfuerzo por continuar tales actividades muy pronto la situación volverá a lo que era originalmente. Para realizar esto continuamente, la gerencia debe diseñar sistemas y procedimientos que aseguren la continuidad.
(Construir autodisciplina y formar él hábito de comprometerse en las 5´s mediante el establecimiento de estándares y seguir los procedimientos en el taller o lugar de trabajo).
Para poder practicar continuamente estos puntos las personas deben adquirir autodisciplina.
Las 5´s pueden considerarse como una filosofía, como una forma de vida en nuestro trabajo diario. En la actualidad practicar las 5´s se ha vuelta algo casi indispensable para cualquier empresa que participa en el área de manufactura. Estos 5 puntos representan un punto de partida para cualquier empresa que busca ser reconocida como un fabricante responsable apto para un status de clase mundial. Los proveedores que no practican las 5´s no serán tomados en serio por los clientes potenciales.
Beneficios al adoptar las 5´s:
" Ayuda a los empleados a adquirir autodisciplina
" Destaca los tipos de desperdicios que existen en el lugar de trabajo
" Señala productos con defecto y excedentes de inventarios
" Reduce movimiento innecesario
" Permite que se identifiquen visualmente y se solucionen los problemas relacionados con escasez de materiales, líneas des balanceadas, averías en las máquinas y demoras en las entregas.
" Hace visibles los problemas de calidad.
" Reduce los accidentes de trabajo
" Mejora la eficiencia en el trabajo
" Reduce los costos de operación
" Aumenta el piso de trabajo disponible.
Commercial Terms for Matias
Multinational corporation
A multinational corporation (MNC) or multinational enterprise (MNE) or transnational corporation (TNC) or multinational organization (MNO) is acorporation/enterprise that manages production establishments or delivers services in at least two countries.
Multinational corporations (MNC) are often divided into three broad groups:
· Horizontally integrated multinational corporations manage production establishments located in different countries to produce same or similar products.
· Vertically integrated multinational corporations manage production establishment in certain country/countries to produce products that serve as input to its production establishments in other country/countries.
· Diversified multinational corporations manage production establishments located in different countries that are neither horizontally or vertically integrated.
Very large multinationals have budgets that exceed those of many countries.
They can have a powerful influence in international relations.
given their large economic influence in politicians' representative districts, as well as their extensive financial resources available for public relations and political lobbying.
Multinationals have played an important role in globalization. Given their international reach and mobility, prospective countries, and sometimes regions within countries, must compete with each other to have MNCs locate their facilities (and subsequent tax revenue, employment, and economic activity) within. To compete, countries and regional political districts offer incentives to MNCs such as tax breaks, pledges of governmental assistance or improved infrastructure, or lax environmental and labor standards. This process of becoming more attractive to foreign investment can be characterized as a race to the bottom.
There is a dispute as to which was the first MNC. Some have argued that the Knights Templar, founded in 1118, became a multinational when it stumbled into banking in 1135. However, others claim that the Dutch East India Company (Dutch:Vereenigde Oostindische Compagnie) was, which first appeared in 1602.
Very large multinationals have budgets that exceed those of many countries.
They can have a powerful influence in international relations.
given their large economic influence in politicians' representative districts, as well as their extensive financial resources available for public relations and political lobbying.
Multinationals have played an important role in globalization. Given their international reach and mobility, prospective countries, and sometimes regions within countries, must compete with each other to have MNCs locate their facilities (and subsequent tax revenue, employment, and economic activity) within. To compete, countries and regional political districts offer incentives to MNCs such as tax breaks, pledges of governmental assistance or improved infrastructure, or lax environmental and labor standards. This process of becoming more attractive to foreign investment can be characterized as a race to the bottom.
There is a dispute as to which was the first MNC. Some have argued that the Knights Templar, founded in 1118, became a multinational when it stumbled into banking in 1135. However, others claim that the Dutch East India Company (Dutch:Vereenigde Oostindische Compagnie) was, which first appeared in 1602.
Critiques
In 1974, Richard Barnet published Global Reach: The Power of the Multinational Corporations, one of the first systematic critiques of multinationals.
Examples
· Apple Computer · AOL · Bacardi · Bombardier · BP · Cadburys · Coca-Cola · Dell · Dutch East India Company · Exxon · Fiat · Fonterra · Ford · General Electric · General Motors
In 1974, Richard Barnet published Global Reach: The Power of the Multinational Corporations, one of the first systematic critiques of multinationals.
Examples
· Apple Computer · AOL · Bacardi · Bombardier · BP · Cadburys · Coca-Cola · Dell · Dutch East India Company · Exxon · Fiat · Fonterra · Ford · General Electric · General Motors
· Google · Halliburton · Hearst Corporation · Hewlett Packard · Honda · Natwest Bank · HSBC
· Huawei · Hutchison Whampoa Limited · IBM · Jardine Matheson · Kyocera · LG
· Huawei · Hutchison Whampoa Limited · IBM · Jardine Matheson · Kyocera · LG
· McDonald's · Microsoft · Monsanto · Nestlé · News Corporation · Nike, Inc. · Nintendo
· Nissan · Nokia · Nortel Networks · Parmalat · Pepsi · Pfizer · Philips · Procter & Gamble
· Shell · Samsung · Schlumberger · Sony · Toshiba · Toyota · Vodafone
· Shell · Samsung · Schlumberger · Sony · Toshiba · Toyota · Vodafone
· Wal-Mart Stores, Inc. · Dutch West India Company · The Walt Disney Company · Yahoo!
International Relations (IR), a branch of political science, is the study of foreign affairs of and relations among states within the international system, including the roles of states,inter-governmental organizations (IGOs), non-governmental organizations (NGOs), andmultinational corporations (MNCs). It is both an academic and public policy field, and can be either positive or normative as it both seeks to analyze as well as formulate foreign policy.
Apart from political science, IR draws upon such diverse fields as economics, history, law,philosophy, geography, sociology, anthropology, psychology, and cultural studies. It involves a diverse range of issues, from globalization and its impacts on societies and statesovereignty to ecological sustainability, nuclear proliferation, nationalism, economic development, terrorism, organized crime, human security and human rights
Economics
International Relations (IR), a branch of political science, is the study of foreign affairs of and relations among states within the international system, including the roles of states,inter-governmental organizations (IGOs), non-governmental organizations (NGOs), andmultinational corporations (MNCs). It is both an academic and public policy field, and can be either positive or normative as it both seeks to analyze as well as formulate foreign policy.
Apart from political science, IR draws upon such diverse fields as economics, history, law,philosophy, geography, sociology, anthropology, psychology, and cultural studies. It involves a diverse range of issues, from globalization and its impacts on societies and statesovereignty to ecological sustainability, nuclear proliferation, nationalism, economic development, terrorism, organized crime, human security and human rights
Economics
is a social science that typically studies the production, distribution, and consumption ofgoods and services. Since the early part of the 20th century, economics has focused largely on measurable variables, and employed both theoretical models and empirical analysis[1]. Economic logic is increasingly applied to any problem determining economic value (such aspolitics, religion, psychology, history and social interaction). A professional working in economics or having an academic degree in the subject is an economist.
The subject is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole. An alternate division of the subject distinguishespositive economics, which tries objectively to predict and explain economic phenomena, from normative economics, which recommends one choice over another—such recommendations often involve subjective value judgments.
Various schools of heterodox economics, for instance socialist economics, green economicsand associative economics, seek to explain economic phenomena using different basic assumptions, for example by emphasising that economics is primarily concerned with exchanges of values.
Mass production
The subject is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole. An alternate division of the subject distinguishespositive economics, which tries objectively to predict and explain economic phenomena, from normative economics, which recommends one choice over another—such recommendations often involve subjective value judgments.
Various schools of heterodox economics, for instance socialist economics, green economicsand associative economics, seek to explain economic phenomena using different basic assumptions, for example by emphasising that economics is primarily concerned with exchanges of values.
Mass production
(also called flow production) is the production of large amounts of standardized products onproduction lines. It was popularized by Henry Ford in the early 20th Century, notably in hisFord Model T. Mass production is notable because it permits very high rates of production per worker and therefore provides very inexpensive products. Mass production is capital intensive, as it uses a high proportion of machinery in relation to workers. With fewer labor costs and a faster rate of produciton, capital is increased while expenditure is decreased. However the machinery that is needed to set up a mass production line is so expensive that there must be some assurance that the product is to be successful so the company can break even. Machinery such as robitics and a conveyor belt, which have high installation costs as well as the electricty that is needed to run them.
An assembly line
An assembly line
is a manufacturing process in which interchangeable parts are added to a product in asequential manner to create a finished product. The assembly line was improved largely byHenry Ford and his engineers, Ford was also the first to build factories around the concept. It usually consists of each worker in control of one specific job and their work related movements are reduced to a minimum.
Product
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product.
A product is similar to goods. In accounting, goods are physical objects that are available in the marketplace. This differentiates them from a service, which is a non-material product. The term goods is used primarily by those that wish to abstract from the details of a given product. As such it is useful in accounting and economic models. The term product is used primarily by those that wish to examine the details and richness of a specific market offering. As such it is useful to marketers, managers, and quality control specialists.
Classifying products
Product management involves developing strategies and tactics that will increase product demand (referred to as primary demand) over the product's life cycle. One useful technique in understanding a product is the Aspinwall Classification System. It classifies and rates products based on five variables:
Product
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product.
A product is similar to goods. In accounting, goods are physical objects that are available in the marketplace. This differentiates them from a service, which is a non-material product. The term goods is used primarily by those that wish to abstract from the details of a given product. As such it is useful in accounting and economic models. The term product is used primarily by those that wish to examine the details and richness of a specific market offering. As such it is useful to marketers, managers, and quality control specialists.
Classifying products
Product management involves developing strategies and tactics that will increase product demand (referred to as primary demand) over the product's life cycle. One useful technique in understanding a product is the Aspinwall Classification System. It classifies and rates products based on five variables:
1. Replacement rate (how frequently is the product repurchased?)
2. Gross margin (how much profit is obtained from each product?)
3. Buyer goal adjustment (how flexible are the buyers' purchasing habits with regard to this product?)
4. Duration of product satisfaction (how long will the product produce benefits for the user?)
5. Duration of buyer search behaviour (how long will they shop for the product?)
· Specialty goods: extensive comparisons with other goods and a lengthy information search
· Unsought goods: e.g., cemetery plots, insurance
· Perishable goods: goods that will deteriorate quickly even without use
· Durable goods: goods that survive multiple use occasions, often further subdivided into `white goods' (refrigerators and cookers, for example) and `brown goods' (such as furniture, as well as electrical/electronic devices)
· Non-durable/consumption/consumable goods: goods that are used up in one occasion
· Capital goods: installations, equipment, and buildings
· Parts and materials: goods that go into a finished product
· Supplies and services: goods that facilitate production
· Commodities: undifferentiated goods (e.g., wheat, gold, sugar)
· By-products: a product that results from the manufacture of another product
Good
A good in economics is any object or service that, upon consumption, increases utility, and therefore can be sold at a price in a market.
If an object or service is sold for a positive price, then it is most likely a good since the purchaser considers the utility of the object or service more valuable than the money. Some objects are very rarely traded, such as air: it can be difficult to determine if such an object is a good or not.
In macroeconomics and accounting, a good is contrasted with a service. A good here is defined as a physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, as opposed to an intangible service. Inmicroeconomics this distinction is rarely made.
Microeconomics
Microeconomics is one of the main fields of the social science of economics. It considers the behaviour of individual consumers, firms, and industries. (Contrast macroeconomics.)
One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocate society's resources amongst their many alternative uses. Microeconomices analyses market failure, where markets fail to maximise welfare, as well as describing the theoretical conditions needed for perfect competition. Significant fields of study in microeconomcis include markets under asymmetric information, choice under uncertainty, and economic applications of game theory.
Macroeconomics
Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. This is in contrast to microeconomics, the study of the economic behaviour of individual consumers, firms, and industries.
Macroeconomics can be used to analyze how best to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments.
Manufacturing
Good
A good in economics is any object or service that, upon consumption, increases utility, and therefore can be sold at a price in a market.
If an object or service is sold for a positive price, then it is most likely a good since the purchaser considers the utility of the object or service more valuable than the money. Some objects are very rarely traded, such as air: it can be difficult to determine if such an object is a good or not.
In macroeconomics and accounting, a good is contrasted with a service. A good here is defined as a physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, as opposed to an intangible service. Inmicroeconomics this distinction is rarely made.
Microeconomics
Microeconomics is one of the main fields of the social science of economics. It considers the behaviour of individual consumers, firms, and industries. (Contrast macroeconomics.)
One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocate society's resources amongst their many alternative uses. Microeconomices analyses market failure, where markets fail to maximise welfare, as well as describing the theoretical conditions needed for perfect competition. Significant fields of study in microeconomcis include markets under asymmetric information, choice under uncertainty, and economic applications of game theory.
Macroeconomics
Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. This is in contrast to microeconomics, the study of the economic behaviour of individual consumers, firms, and industries.
Macroeconomics can be used to analyze how best to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments.
Manufacturing
is the transformation of raw materials into finished goods for sale, by means of tools and aprocessing medium, and including all intermediate processes involving the production or finishing of component parts ("semi-manufactures"). It is a large branch of industry and ofsecondary production. Some industries, like semiconductor and steel manufacturers use the term "fabrication".
Operations management
Operations management
is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. It also is the management of resources and the distribution of goods and services to customers.
Operations also refers to the production of goods and services, the set of value-added activities that transform inputs into many outputs. Fundamentally, these value-adding creative activities should be aligned with market opportunity for optimal enterprise performance.
APICS The Association for Operations Management defines operations management as "the field of study that focuses on the effective planning, scheduling, use and control of a manufacturing or service organization through the study of concepts from design engineering, industrial engineering, management information systems, quality management, production management, inventory management, accounting, and other functions as they affect the organization"
Engineering management is a field that bridges the gap between engineering andmanagement.
Engineering Management involves the overall management of organizations with an orientation to manufacturing, engineering, technology or productionGross domestic product
Operations also refers to the production of goods and services, the set of value-added activities that transform inputs into many outputs. Fundamentally, these value-adding creative activities should be aligned with market opportunity for optimal enterprise performance.
APICS The Association for Operations Management defines operations management as "the field of study that focuses on the effective planning, scheduling, use and control of a manufacturing or service organization through the study of concepts from design engineering, industrial engineering, management information systems, quality management, production management, inventory management, accounting, and other functions as they affect the organization"
Engineering management is a field that bridges the gap between engineering andmanagement.
Engineering Management involves the overall management of organizations with an orientation to manufacturing, engineering, technology or productionGross domestic product
A region's gross domestic product, or GDP, is one of several measures of the size of its economy. The GDP is defined as the market value of all final goods and services produced within a country in a given period of time. Until the 1980s the term GNP or gross national product was used. The two terms GDP and GNP are almost identical. The most common approach to measuring and understanding GDP is the expenditure method:
GDP = consumption + investment + government spending + (exports − imports)
"Gross" means depreciation of capital stock included. Without depreciation, with net investment instead of gross investment, it is the Net domestic product. Consumption and investment in this equation are the expenditure on final goods and services. The exports minus imports part of the equation (often called net exports) then adjusts this by subtracting the part of this expenditure not produced domestically (the imports), and adding back in domestic production not consumed at home (the exports).
An industry
GDP = consumption + investment + government spending + (exports − imports)
"Gross" means depreciation of capital stock included. Without depreciation, with net investment instead of gross investment, it is the Net domestic product. Consumption and investment in this equation are the expenditure on final goods and services. The exports minus imports part of the equation (often called net exports) then adjusts this by subtracting the part of this expenditure not produced domestically (the imports), and adding back in domestic production not consumed at home (the exports).
An industry
is generally any grouping of businesses that share a common method of generating profits, such as the "music industry", the "automobile industry", or the "cattle industry". It is also used specifically to refer to an area of economic production focused on manufacturingwhich involves large amounts of capital investment before any profit can be realized, also called "heavy industry.".
Industry in the second sense became a key sector of production in European and North American countries during the Industrial Revolution, which upset previous mercantile andfeudal economies through many successive rapid advances in technology, such as the development of steam engines, power looms, and advances in large scale steel and coalproduction. Industrial countries then assumed a capitalist economic policy. Railroads andsteam-powered ships began speedily integrating previously impossibly-distant world markets, enabling private companies to develop to then-unheard of size and wealth. Following the Industrial Revolution, perhaps a third of the world's economic output is derived from manufacturing industries—more than agriculture's share, but now less than that of the service sector.
Labor law or employment law
Industry in the second sense became a key sector of production in European and North American countries during the Industrial Revolution, which upset previous mercantile andfeudal economies through many successive rapid advances in technology, such as the development of steam engines, power looms, and advances in large scale steel and coalproduction. Industrial countries then assumed a capitalist economic policy. Railroads andsteam-powered ships began speedily integrating previously impossibly-distant world markets, enabling private companies to develop to then-unheard of size and wealth. Following the Industrial Revolution, perhaps a third of the world's economic output is derived from manufacturing industries—more than agriculture's share, but now less than that of the service sector.
Labor law or employment law
is the body of laws, administrative rulings, and precedents which addresses the legal rights of, and restrictions on, workers and their organisations. As such, it mediates many aspects of the relationship between trade unions, employers and employees. In some countries (such as Canada), employment laws related to unionised workplaces are differentiated from those relating to particular individuals. In most countries however, no such distinction is made.
Trade Union (Labor union)
Trade Union (Labor union)
is a continuous association of wage-earners for the purpose of maintaining or improving the conditions of their employment"
Over the last three hundred years, trade unions have developed into a number of forms - with differing political and economic regimes influencing them. The immediate objectives and activities of trade unions vary, but may include:
· Provision of benefits to members: Early trade unions, like Friendly Societies, often provided a range of benefits to insure members against unemployment, ill health, old age and funeral expenses. In many developed countries, these functions have been assumed by the state, however the provision of legal advice and representation for members is an important benefit of trade union membership.
Over the last three hundred years, trade unions have developed into a number of forms - with differing political and economic regimes influencing them. The immediate objectives and activities of trade unions vary, but may include:
· Provision of benefits to members: Early trade unions, like Friendly Societies, often provided a range of benefits to insure members against unemployment, ill health, old age and funeral expenses. In many developed countries, these functions have been assumed by the state, however the provision of legal advice and representation for members is an important benefit of trade union membership.
· Collective bargaining: Where trade unions are able to operate openly and are recognised by employers, they may negotiate with employers over wages and working conditions.
· Industrial action: Trade unions may organise strikes or resistance to lockouts in furtherance of particular goals.
· Political activity: Trade unions may promote legislation favourable to the interests of their members or workers as a whole. To this end they may pursue campaigns; undertake lobbying; financially support individual candidates or parties (such as the Labour Party in the Great Britain) for public office.
Industrial action (UK) or job action (US) refers collectively to any measure taken by trade unions or other organised labour meant to reduce productivity in a workplace. Quite often it is used and interpreted, mistakenly, as a euphemism for strike, but the scope is much wider. Industrial action may take place in the context of a labour dispute or may be meant to effect political or social change. Specifically industrial action may include one or more of the following:
Industrial action (UK) or job action (US) refers collectively to any measure taken by trade unions or other organised labour meant to reduce productivity in a workplace. Quite often it is used and interpreted, mistakenly, as a euphemism for strike, but the scope is much wider. Industrial action may take place in the context of a labour dispute or may be meant to effect political or social change. Specifically industrial action may include one or more of the following:
· strike
· go-slow
· slowdown
· overtime ban
Strike action, often simply called a strike is the mass refusal by employees to perform workdue to certain grievances. If an agreement could not be reached, workers could strike, or refuse to work until certain demands were met. Strikes first became important during theindustrial revolution, when mass labour became important in factories and mines. In most countries they were quickly made illegal as factory owners had far more political power than the workers. Most western countries legalized striking partially in the late nineteenth or early twentieth century.
Strike action, often simply called a strike is the mass refusal by employees to perform workdue to certain grievances. If an agreement could not be reached, workers could strike, or refuse to work until certain demands were met. Strikes first became important during theindustrial revolution, when mass labour became important in factories and mines. In most countries they were quickly made illegal as factory owners had far more political power than the workers. Most western countries legalized striking partially in the late nineteenth or early twentieth century.
