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The Concept Map you are trying to access has information related to:
Japan & Deming's Management Model (more) Definitions TQM (more), Japan & Deming's Management Model (more) Definitions JIT (more), Microeconomic Theory [analysis of a component of the economy] (more) Constraints to Maximizing Self-Interest Prices [allocates resources to highest & best use] (more), Microeconomic Theory [analysis of a component of the economy] (more) Constraints to Maximizing Self-Interest [Households - the level of income] [Firms - the prices of resource inputs & capital budgets], Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more) Four Theories on Profits Exploitation View of Profits [Marxism - statism] (more), Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more) Four Theories on Profits Technological View of Profits (more) Schumpeter [Profits stimulate innovation], Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more) Four Theories on Profits Compensatory View of Profits (more) [Payments to incent management], Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more) Four Theories on Profits Monopoly View of Profits (more) Schumpeter [Innovators seek short-term monopolies - patents], Microeconomic Theory [analysis of a component of the economy] (more) Basic Goal posited by Microeconomics Decions makers will seek to maximize their own self-interest by responding to incentives, Technological View of Profits (more) Schumpeter [Profits stimulate innovation] ???? Technological Changes Affecting Society (more), Frederick Taylor "The Principles of Scientific Management" (1911) [Increases total output by rationalizing production process] (more) Lenin Implemented by the USSR, Degrees of Uncertainty (more) Important Corollaries (more) Direct positive relationship [Degrees of Uncertainty & Degress of Risk] (more), Degrees of Uncertainty (more) Important Corollaries (more) Direct positive relationhsip [Degree of Risk & Expected Payoff] (more), Decision Making Process [Constant evaluation of changing internal -products, prices- & external environment] (more) Framework Managerial Economics [Framework for evaluating alternatives] (more), Degrees of Uncertainty (more) Frank Knight Greater Risk Greater Profit (more) New Industries High Risk (more), Degrees of Uncertainty (more) Frank Knight Greater Risk Greater Profit (more) Mature Industries Low Profits (more), Innovation & Invention (more) [invention occurs through time - iinnovation occurs at specific points in time] W. Brian Arthur Technology Waves (more) [DOS locked-in Microsoft], Opportunity Costs - Explicit & Implicit [alternative(s) sacrafices by a decision] (more) Where Opportunity Costing Should be Used Examples (more), Managerial Economics or the Economics of Business Decisions (more) Decision Making Process [Constant evaluation of changing internal -products, prices- & external environment] (more), Managerial Economics or the Economics of Business Decisions (more) Managerial Economics [Framework for evaluating alternatives] (more), Managerial Economics or the Economics of Business Decisions (more) Microeconomic Theory [analysis of a component of the economy] (more), Managerial Economics or the Economics of Business Decisions (more) Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more), Frederick Taylor "The Principles of Scientific Management" (1911) [Increases total output by rationalizing production process] (more) Faltered in the 1970's Japan & Deming's Management Model (more), Technological Changes Affecting Society (more) Epochs Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers], Technological Changes Affecting Society (more) Epochs Knowledge-based Economy 1948 (more), Technological Changes Affecting Society (more) Epochs Agricultural Age (more), Time Factor [Time value of money] (more) Present Value PV = d * FV, Japan & Deming's Management Model (more) Unionism Reason for Failure in USA, Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers] Benefits of 1. Increasing Economies of Scale (more) 2. Lower consumer prices 3. Reduced transaction costs, Technological Changes Affecting Society (more) Major Inventions Steam Engine 1760's Steel Production 1860's Internal Combustion Engine 1898-1901 Pharmaceutical Discoveries 1930's Transistor 1948 (William Shockley) (more), Decision Making Process [Constant evaluation of changing internal -products, prices- & external environment] (more) The Variables Alternatives An - En (more), Decision Making Process [Constant evaluation of changing internal -products, prices- & external environment] (more) The Variables Probabilities Oi - Vi (more), Information Factor [the more the better, but at a cost] (more) Costs Opportunity Costs of Collecting Info, Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more) Considerations on profits Profits Direct Investment & Productive Resources [into profitable uses away from losers] (more), Goals and Objectives of Managerial Economics [ see goals & objectives of households & firms] (more) Considerations on profits Profits Ultimately Devolve from Property Rights [command over returns from privately held property] (more), Frederick Taylor "The Principles of Scientific Management" (1911) [Increases total output by rationalizing production process] (more) Trend to Small Production Runs See Carnavale, Microeconomic Theory [analysis of a component of the economy] (more) Future Oriented Current Trends (more), Organic Chemistry (more) TAR Rubber, dyes, pharmaceuticals, TNT, Steam Engine 1760's Steel Production 1860's Internal Combustion Engine 1898-1901 Pharmaceutical Discoveries 1930's Transistor 1948 (William Shockley) (more) Steel Spinoffs Organic Chemistry (more), Information Factor [the more the better, but at a cost] (more) Ancillary Issues Levels of information [Perfect to Absolute Ignorance] (more), Information Factor [the more the better, but at a cost] (more) Ancillary Issues Degrees of Uncertainty (more), 1. Increasing Economies of Scale (more) 2. Lower consumer prices 3. Reduced transaction costs Decreasing Average Cost Curve AC(Q) = TC(Q)/Q, Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers] Taylorism Frederick Taylor "The Principles of Scientific Management" (1911) [Increases total output by rationalizing production process] (more), Technological View of Profits (more) Schumpeter [Profits stimulate innovation] Distinction Between Innovation & Invention (more) [invention occurs through time - iinnovation occurs at specific points in time], Decision Making Process [Constant evaluation of changing internal -products, prices- & external environment] (more) The Tools Statistical Probabilities, Decision Making Process [Constant evaluation of changing internal -products, prices- & external environment] (more) The Tools Game Theory (more), Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers] Cycles Deming Model Quality, Customized, TPS (more), Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers] Cycles Moving Assembly Line Mass Production - Taylorism (more), Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers] Cycles Interchangable Parts Eli Whitney (More), Industrial Age 1760's - Present (more) [mass production, interchangeable parts, assembly line, semi-skilled workers] Cycles Craft Industry (more) [highly skilled, low production, high prices, monopoly via guilds]