What is scarcity? Can you think of two causes of scarcity?
Step 1 of 3
Week 1 Notes Operations management – the systematic design, direction, and control of processes that transform inputs into services and products for internal and external customers o Systematic thinking – need to think about the past, present, and future Ex: LCB building is a good size for the current student population but not a good size for the future student admissions (need to think about the future) o Customer feedback = important (make adjustments as needed) Process o Any activity that takes 1 or more inputs and transforms them, providing 1 or more outputs for its customers Operation o A group of resources preforming all or part o
Textbook: Principles of Economics
Author: Steven A. Greenlaw, Timothy Taylor
Principles of Economics was written by and is associated to the ISBN: 9781938168239. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. This full solution covers the following key subjects: . This expansive textbook survival guide covers 36 chapters, and 1241 solutions. The full step-by-step solution to problem: 1 from chapter: 1 was answered by , our top Business solution expert on 03/16/18, 04:22PM. Since the solution to 1 from 1 chapter was answered, more than 247 students have viewed the full step-by-step answer. The answer to “What is scarcity? Can you think of two causes of scarcity?” is broken down into a number of easy to follow steps, and 11 words.