Ma5 - improvement—labor capital and the art and science...

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Production : The creation of goods and services Operations Management: Activities that relate to the creation of goods and services through the transformation of inputs to outputs. Services : Economic activities that typically produce an intangible product Pure Service: A service that does not include a tangible product Service Sector : The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations. Productivity : The ratio of outputs (goods and services) divided by one of more inputs (such as labor, capital, or management) Single-Factor productivity : Indicates the ratio of one resource (input) to the goods and services produced (outputs). Multi-Factor productivity : Indicates the ratio of many or all resources (inputs) to the goods and services produced (outputs). Productivity Variables: The three factors critical to productivity
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Unformatted text preview: improvement—labor, capital and the art and science of management. Knowledge society : A society in which much of the labor force has migrated from manual work based on knowledge. Maquiladoras : Mexican factories located along the U.S.-Mexico border that receive preferential tariff treatment. World Trade Organization : An international organization that promotes world trade by lowering barriers to the free flow of goods across borders. NAFTA : A free trade agreement between Canada, Mexico, and the United States. European Union : A European trade group that has 27 member states. Division of Labor : Adam Smith (1776) and Charles Babbage (1852) developed the notion that workers are more productive when they work on specialized tasks. Therefore, jobs should be divided into discrete tasks whenever possible. This led to specialization of skills....
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Ma5 - improvement—labor capital and the art and science...

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