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elasticity of supply (PES) and motivational theories in business > PES + motivational theories > Flashcards

PES + motivational theories Flashcards

1
Q

What is the elasticity of supply?

A

The effect of a change in price on the quantity supplies

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2
Q

What is the equation for PES?

A

% change in quantity supplied divided by % change in price

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3
Q

What type of elasticity is PES<1

A

Inelastic

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4
Q

What type of elasticity is PES=1

A

Unitary

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5
Q

What type of elasticity is PES>1

A

Elastic

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6
Q

What are the determinants of PES

A

availability of substitutes and time (shorter time period = more difficult to switch production)

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7
Q

What are Causes of shifts in supply

A

Cost of raw materials, better machinery, lack of labour, subsidies

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8
Q

What is herzbergs theory of motivation?

A

There are two factors which can effect motivation hygiene and motivational factors

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9
Q

What is a hygiene factor?

A

A factor which won’t motivate employees but will dissatisfy employees if they aren’t met

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10
Q

What is a motivational factor?

A

Factors which will motivate employees

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11
Q

What is an example of a hygiene factor?

A

Fair pay and clear policies

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12
Q

What is an example of motivational factors?

A

Career advancement, recognition for hard work

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13
Q

What did Maslow believe?

A

There’s a hierarchy of needs

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14
Q

what is mazlows hierarchy of needs (ascending)

A

Physiological, safety,social and self actualisation

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15
Q

what was mayo’s motivational theory?

A

He believed in social and environmental aspects to motivate employees

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16
Q

what are the features of mayos theory of motivation that will increase motivation?

A

Exposure to light, heating and rest breaks

17
Q

What is an advantage of Mayo?

A

Social factors increase morale and staff retention

18
Q

What is a disadvantage of mayos theory?

A

Ignores impact of conflict

19
Q

what was Taylor’s theory?

A

You can use science to simplify job roles and in turn increase motivation

20
Q

What is the aim of Taylor’s theory?

A

Optimising work for efficient workforce

21
Q

What is the process of simplifying job roles?

A

Managers would break down the tasks and time how long each one took. They would then identify the fastest way and replicate the approach across the workforce

22
Q

What are advantages of Taylor’s theory?

A

Increases productivity and means you don’t need to pay for high skilled workers

23
Q

What are disadvantages of Taylor’s theory?

A

Unfulfilled employees and can create structural unemployment

elasticity of supply (PES) and motivational theories in business (1 decks)

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