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  THE MEANING OF ECONOMICS What is Economics? The infamous word " Economics " has largely been used to describe situation where money is limited and wants are many. Some of its users refer to it as the quality of being able to use the available resources to get the best from the situation. There is an economic aspect to almost any topic we care to mention – education, employment, housing, transport, defence etc. Economics is a comprehensive theory of how the society works. But as such, it is difficult to define. The great classical economist Alfred Marshal defined economics as the " Study of man in the ordinary business of life ". This, however, this definition is necessary but not sufficient. This is because any definition should take account of the guiding idea in economics which is scarcity. American economist Paul Samuelson thus defined it as: " The study of how people and society choose to employ scarce resources that could have alternative uses ...

WHAT IS OPERATIONS MANAGEMENT? Meaning of operations management An operation may be defined as the process of changing inputs into outputs thereby adding value to some entity. Right quality, right quantity, right time and right price are the four basic requirements of the customers and as such they determine the extent of customer satisfaction. And if these can be provided at a minimum cost, then the value of goods produced or services rendered increases.  Operations management is concerned with managing the resources that directly produce the organisation services and products. The resources are generally consist of people, material, technology and information but may go wider than this. These resources are brought together by a series of processes so that they are utilized to deliver the primary service or product of the organization.  Thus operation management is concerned with managing inputs (resources) through transformation processes to deliver outputs (service or prod...

 

The secrect to effective communication with your customers lies in the  Choice of words used in customer service .......... Selecting the right words in customer care service is crucial for maintaining a positive interaction. What is special about the choice of words? The words used in customer care service have the following characteristics which make them special and different from words used in ordinary communucation: 1.Empathy: Use words that show understanding and empathy towards the customer's issue or concern. 2.Clarity: Choose clear and concise words to ensure the message is easily understood 3. .Professionalism: Maintain a professional tone with polite and respectful language. 4.Solution-oriented: Focus on providing solutions and assistance rather than just acknowledging the problem. 5.Positive language: Use positive language to reassure customers and create a pleasant experience. 6.Appreciation: Express gratitude for the customer's patience and cooperation. words and ...

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