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these are assignments to help you out in business and economics courses
Typology: Schemes and Mind Maps
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Based on Martin (2019) article and videos for this week, Money runs the world and is used by both businesses and consumers to acquire their maximum potential. Article tells us about the potential risks and benefits for organizations in order to maximize efficiency. Efficiency is one of the key factors reducing wasteful practice and in layman’s term to get more output with least amount of input, the obvious idea of reducing waste further lead to creation of new degree of science. It’s important to retain employee retention and employees should be working to their full, while prioritizing them. Martin states importance of “resilience in business by having ability to bounce back of disturbances in environment”. Maximizing profits can lead to a single dominant business model further creating risk to rely on only one category of sales. However, increasing profits in a company leads to increase in salaries and better work place. Possessing efficiency in long run is detrimental to organization. ADMS 1010
Citations “Dyer, L. (2019). Critical Thinking for Business Students. Captus Press. (Chapter 7: Writing a persuasive essay)” “Martin, R. (2019). The High Price of Efficiency. Harvard Business Review , 97 (1), 42–55.” ADMS 1010