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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Discussion Board -4

Discussion Board -4

Q As an employer wants to reduce the production cost during the economic recession, he/she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all. Which method would you choose? Why?

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It is always stated that, “Competition results to some very efficient utilization of resources”. Normally, the word “efficiency” is often evaluated as a appropriate degree of an economy base that takes into consideration scarce resources for meeting the requirements as well as neccessities of the customers. As it is viewed, that a free economy is one form of economy whose resources have already been placed based on the principles of self interest especially where profit do really exists, also there are firms as also certain firms (Finn, 2000). Also, there are few companies who has to perform various responsibilities like designing and manufacturing different identical goods, different services inevitably the one that produces competition.