PES + motivational theories Flashcards
What is the elasticity of supply?
The effect of a change in price on the quantity supplies
What is the equation for PES?
% change in quantity supplied divided by % change in price
What type of elasticity is PES<1
Inelastic
What type of elasticity is PES=1
Unitary
What type of elasticity is PES>1
Elastic
What are the determinants of PES
availability of substitutes and time (shorter time period = more difficult to switch production)
What are Causes of shifts in supply
Cost of raw materials, better machinery, lack of labour, subsidies
What is herzbergs theory of motivation?
There are two factors which can effect motivation hygiene and motivational factors
What is a hygiene factor?
A factor which won’t motivate employees but will dissatisfy employees if they aren’t met
What is a motivational factor?
Factors which will motivate employees
What is an example of a hygiene factor?
Fair pay and clear policies
What is an example of motivational factors?
Career advancement, recognition for hard work
What did Maslow believe?
There’s a hierarchy of needs
what is mazlows hierarchy of needs (ascending)
Physiological, safety,social and self actualisation
what was mayo’s motivational theory?
He believed in social and environmental aspects to motivate employees
what are the features of mayos theory of motivation that will increase motivation?
Exposure to light, heating and rest breaks
What is an advantage of Mayo?
Social factors increase morale and staff retention
What is a disadvantage of mayos theory?
Ignores impact of conflict
what was Taylor’s theory?
You can use science to simplify job roles and in turn increase motivation
What is the aim of Taylor’s theory?
Optimising work for efficient workforce
What is the process of simplifying job roles?
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
What are advantages of Taylor’s theory?
Increases productivity and means you don’t need to pay for high skilled workers
What are disadvantages of Taylor’s theory?
Unfulfilled employees and can create structural unemployment
