The document discusses different types of markets including product markets, factor markets, and classifications based on geographical area, time element, and nature of competition. It also covers market structures such as perfect competition, monopoly, monopolistic competition, oligopoly, and duopoly. Key characteristics and behaviors are described for each market structure. Pricing determinants, entry barriers, and profit/loss possibilities are also addressed at a high level.
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Tonmoy Halder
Shopna Akter
Bipul Chandra
Mamunur Rahaman
Siam Hossain
Jibon Rahman
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Tonmoy Halder
Shopna Akter
Bipul Chandra
Mamunur Rahaman
Siam Hossain
Jibon Rahman
Talent management is just another one of those pesky Human Resources terms. Right? Wrong. Talent management is an organization's commitment to recruit, retain, and develop the most talented and superior employees available in the job market.
So, talent management is a useful term when it describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.
What appears to differentiate talent management focused practitioners and organizations from organizations that use terminology such as human capital management or performance management, is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization.
Practitioners of the other two employee development and retention strategies would argue that, for example, performance management has the same set of best practices. It is just called by a different name.
Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization. Attracting and retain talented employees, in a talent management system, is the job of every member of the organization, but especially managers who have reporting staff (talent).
An effective strategy also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise.In larger organizations, talent management requires Human Resources Information Systems (HRIS) that track the career paths of employees and manage available opportunities for talented employees.
Managing human resources includes, but is not limited to:
planning and allocating resources,
providing direction, vision, and goals,
developing an environment in which employees choose motivation and contribution,
supplying or asking for the metrics that tell people how successfully they are performing,
offering opportunities for both formal and informal development,
coaching successful contribution and performance development,
setting an example in work ethics, treatment of people, and empowerment worthy of being emulated by others,
leading organization efforts to listen to and serve customers,
managing the performance management system,
challenging the employees to maintain momentum, and
removing obstacles that impede the employee's progress.
This Presentation is on Market Structure and its types. Including all the images of revenue, producer equilibrium, its elasticity, examples of all the market, characteristics and features of all the market. This presentation is very helpful in understanding the market structure and the types of market structure.
Every organization needs inventory for smooth running of its activities. It serves as a link between production and distribution processes. The investment in inventories constitutes the most significant part of current assets/working capital in most of the undertakings. Thus, it is very essential to have proper control and management of inventories. The purpose of inventory management is to ensure availability of materials in sufficient quantity as and when required and also to minimize investment in inventories. Raw materials, goods in process and finished goods all represent various forms of inventory. Each type represents money tied up until the inventory leaves the company as purchased products. Because of the large size of the inventories maintained by firms, a considerable amount of funds is required to be committed to them.
It is therefore absolutely imperative to manage inventories efficiently and effectively in order to avoid unnecessary investments. A firm neglecting the management of inventories will be jeopardizing its long run profitability and may fail ultimately. The reduction in excessive inventories carries a favorable impact on the company’s profitability.
The study starts with an introduction to inventory management, Company’s profile, Achievements and also the need for study, review of literature and objectives are set out for the study. Research methodology, Data analysis & Interpretation, Findings and Suggestions of the study follow.
One of the main areas of the project is the analysis part, where the data are analyzed & interpreted, to find out how the inventories were managed. Some of the tools used in inventory are regarding to:
Economic Order Quantity
Safety Stock
FSN Analysis
Trend Analysis and
Inventory Turnover Ratio.
A system which seeks to merge the activities associated with human resource management (HRM) and information technology (IT) into one common database through the use of enterprise resource planning (ERP) software. The goal of HRIS is to merge the different parts of human resources, including payroll, labor productivity, and benefit management into a less capital-intensive system than the mainframes used to manage activities in the past. Also called Human Resource Management Systems (HRMS)
In this presentation, we will identify and pay tribute to several of the people who .... been having grand ideas but has never seen them through to completed projects. ... But possess the technical ... the first node on the ARPANET, and the first computer ever on the Internet.
Here is an overview of the most important elements which make a difference at “Top Companies for Leaders.”
Strategy - There is a clear link between the strategy of the company and the strategy of leadership development. Successful organizations closely examine which talent programs are needed and which interventions are necessary to realize their company strategy.
Involvement - The responsibility of talent development lies at the top of the organization, and top management is also actively involved in the development of future management. The top managers themselves are frequently active as mentors, coaches or trainers, and frequently share their experiences and insights. Often the CEO plays a prominent, active role in training or action learning, i.e., using high potentials coupled with experienced leaders on essential questions. Also, CEO’s are involved in the programs by means of internal communication.
Talent Pipeline – Talent development is considered as a “mission-critical” company process. The best performing companies see the filling of the talent pipeline organization-wide as a necessity. They use sharp definitions of talent (high potentials), measurable criteria and a rigorous process for to determine who belongs in the talent pool and who does not. The outcomes of this are measured with KPIs.
Ongoing Processes – The Top Companies for Leaders have incorporated management development in their business cycles. The companies think about ongoing, recurring development processes instead of one-time initiatives. Talent management has a high priority in these organizations. Much attention is given to identifying high potentials, determination of specific career paths for these high potentials, coaching and their active contribution to training and development programs. High potentials are assisted in their development by means of training, e-learning, coaching and job rotation, as well as action learning. Thanks to this approach, leadership and company development evolve continuously together.
Behavior – In these Top Companies, leaders are significantly more aware of which behavior is expected of them. This also becomes apparent in all aspects of the organization: performance management (leaders are rewarded for the degree desired behaviors are demonstrated), promotion decisions (people are only promoted when the desired behaviors are shown), recruitment and selection (leadership behavior is an essential selection criterion) and communication from the top of the organization.
Critical Objective - High potential talent is considered as a strategic advantage and the development of this talent is and the development of a robust talent pipeline is considered a critical objective for the organization’s top management.
Leadership Programs – Only leadership programs with high added value for talent development are organized.
HR Policies & Employment Legislation
Employment Legislation and Standards
Employment standards are the minimum standards of employment for workplaces required by law. Employment standards cover many aspects of employment including, but not limited to, the following topic areas:
Minimum wage
Minimum daily pay
Meal breaks
Payment of earnings (paydays)
Hours of work
Overtime
Statutory holidays
Annual vacation
Vacation pay
Employment of people under 18
Leave from work
Resolving disputes
Termination
Maternity leave
Weekly day of rest
Deductions
Keeping records
Sexual harassment
Probationary periods
Parental leave
Definition of "employee"
Any HR policies that you develop around the above topics, and any others covered by employment standards, must not provide less than what is offered in the legislation and/ or regulations. The employment standards legislation offers minimum standards; employers are free to develop policies or practices that enhance (provide better standards) than what is allowed for in the law.
HR Policies & Employment Legislation
Human Rights Legislation
Human rights legislation is put in place to protect people from discrimination. It seeks to guarantee people equal treatment regardless of certain identified characteristics (called “prohibited grounds of discrimination”) that have attracted historical stereotyping or bias in relation to employment.
Employers, including nonprofit organizations, need to be aware of human rights legislation as it applies to all practices of employment, including:
Recruitment ads
Application forms
Interviews
Hiring
Dismissal/termination
Promotion
Demotion
Benefits
Wages
Workplace harassment
As organizations strive to create a better world through their missions, it is important that they also work at creating inclusive workplaces that are respectful and welcoming of diversity. Most of the sites below have excellent resources and tools that your organization can use in creating policies, in the hiring process, and in building a more diverse and respectful workforce. We encourage you to explore several of the websites below as they offer a wealth of information that can often be applied across provincial/territorial lines. Particular attention should be paid to the employer’s duty to accommodate an employee in the workplace.
2. MEANING OF MARKET
• A market is a place where commodities are bought and
sold at retail or wholesale prices
• In economics, however, the term “market” does not
refer to a particular place as such but it refers to a
market for a commodity or commodities
• The market is an arrangement whereby buyers and
sellers come in close contact with each other directly
or indirectly to sell and buy goods is described as
market
• It does not refer only to a fixed location. It refers to the
whole area of operation of demand and supply
• Markets may be physically identifiable
3. PRODUCTS AND FACTOR MARKETS
PRODUCT MARKET
• A product market or commodity market refers to
an arrangement in effecting buying and selling of
commodities i.e. cotton market, wheat market,
rice market, bullion market, etc.
• The households or the consumers are the buyers
in the product market
• Their demand is the direct demand for
consumption goods
4. FACTOR MARKET
• Factor markets are markets in which factors of
production such as land, labor and capital are
transacted. They are called: Land market,
labor market and capital market
• The firms or the producers are the buyers in
the factor markets
• Their demand for productive resources or
factors of production is a derived demand
5. CLASSIFICATION OF MARKET
STRUCTURES
Markets may be divided on the basis
of different criteria such as
• Geographical area
• Time element
• Nature of competition
6. CLASSIFICATION BASED ON
GEORGRAPHICAL AREA
• Local Markets
• Regional Markets
e.g. Films produced in local languages
• National Markets
• World Markets
e.g. exports and imports
7. CLASSIFICATION BASED ON TIME
ELEMENT
• Very short period markets
Not possible to change the stock of commodity
• Short period markets
Output could be expanded by altering variable factors
• Long period markets
Permits changes in scale of production by changing plant size
• Very long period markets
This period runs over a series of decades
8. CLASSIFICATION BASED ON NATURE OF
COMPETITION
• Perfect competition
Many sellers and many buyers
• Monopoly
Only one seller
• Duopoly
Two monopolists
• Monopsony
Only one buyer
• Monopolistic competition
Product differentiated only by branding
• Oligopoly
More than two in a monopolistic position
9. PRICING
• DETERMINANTS OF PRICE
• Demand
• Cost of production
• Objectives of the firm
• Government policy
• Nature of competition
10. ENTRY BARRIERS
• Entry barriers are certain structural features of
a market that enable existing companies to
raise the prices of their products persistently
above costs without attracting new entrants
• Companies are able to retain their market
share in spite of increasing their profit margins
11. VARIOUS CAUSES OF ENTRY BARRIERS
• Product differentiation/Strong brands e.g.
Fevicol, Prestige pressure cooker, Maggie
• Switching costs e.g. Microsoft
• Distribution network e.g. Maruti, Parachute of
Marico
12. VARIOUS CAUSES OF ENTRY BARRIERS
Contd…
• Absolute cost advantage e.g. privileged access
to scarce resources, research and
development, government tariffs, subsidies,
trade quotas,
• Lowest cost producer/Economies of scale e.g.
Hindustant Zinc, Wall Mart
• Unique business model e.g. South West
Airlines, Shriram Transport Finance
13. PERFECT COMPETITION
• Single market price prevails for the commodity
• Price is determined by demand and supply
• Every participant (whether seller or buyer) is a
price-taker
• No one is in a position to influence the price
14. CHARACTERISTICS OF PERFECT
COMPETITION
• Large number of buyers
• Large number of sellers
• Homogeneous product
• No entry and exit barriers
• Perfect knowledge of market conditions such as
the demand, cost, price and quality is available
freely to all participants
• Non-intervention by the Government
• Absence of transport cost element
15. PRICE AND OUTPUT DETERMINATION
UNDER PERFECT COMPETION
• Price is market determined
• Firm cannot influence the price by its own
action
• Average Revenue Curve and Marginal Revenue
Curve must coincide with each other
• MC = MR = Price
16. EQUILIBRIUM IN THE SHORT RUN
• Short run is a period during which output can
be adjusted by altering variable inputs but
fixed factors of production remain constant
17. POSSIBILITIES OF ABSOLUTE PROFIT
OR LOSS POSITION
• Firm makes supernormal profits
• Firm makes only normal profits
• Firm incurs losses
• Shut down point
18. EQUILIBRIUM IN THE LONG RUN
• Long run is a period during which all factors of
production viz. variable and fixed can be changed
• In the long run, old plants can be replaced with
new plants, new plants can be added
• New firms also can enter the industry
• Existing firm can exit
• Firm to be in equilibrium in the long run, in
addition to Marginal Cost being equal to price,
price must be equal to average cost
19. SUPER NORMAL PROFIT
• If the price is greater than the average cost,
the firm will be making super normal profit
• New firms will enter until price is depressed
down to average cost and all firms can make
only normal profits
20. LOSSES
• If price happens to be below average cost,
firms will be incurring losses
• Then some of the firms will quit the industry
• As a result, output of the industry will
decrease and the price will rise to equal the
average cost and firms can make only normal
profits
21. MONOPOLY
• MAIN FEATURES:
• Only one seller of a particular good or service
• Rivalry from producers of substitutes
insignificant
• Monopolist is in a position to set the price
22. CONDITIONS TO MAKE A
MONOPOLIST STRONG
• A gap in the chain of substitutes
• Possibility of securing control over all the cost
substitutes
23. CAUSES OF MONOPOLY
• Government license to any particular operator
of public utilities like a gas company or an
electricity undertaking
• Possession of certain scarce raw materials,
patent rights, secret methods of production or
specialized skill
• Necessity for large resources
• Ignorance, laziness and prejudice of the
buyers in favor of a particular producer
24. REVENUES AND COSTS OF
MONOPOLISTS
• If prices are reduced more quantity can be
sold and vice versa
• Monopoly may get profit, incur loss or face
neither profit nor loss in the short run
• But, in the long run, a monopoly will get only
profit otherwise will not continue in the
business
25. DISADVANTAGE OF MONOPOLY
• Supply will be restricted and monopolist will become
richer at the expense of consumer
• Consumers’ choice is restricted
• Due to absence of competition, wasteful costs may not
be curtailed reflecting in higher prices
• Society’s resources will get misallocated. When
monopolist restricts output, resources may go into
production of goods with low consumer preferences
• Will result in severe setback to economy when a
monopolist in strategic sector slows down or stops
production
27. PRICE DISCRIMINATION
• A practice of charging different prices to same buyer or to different
buyers
• Also known as differential pricing
FIRST DEGREE DISCRIMINATION
• Seller charges same buyer different prices for each unit bought
• e.g. quantity discounts
SECOND DEGREE DISCRIMINATION
• Seller segregates buyers according to income, geographical location,
individual tastes, kinds of uses for the product and charges different
prices to each group or market despite equivalent costs in serving
them
28. OBJECTIVES OF PRICE
DISCRIMINATION
• To appropriate the consumer’s surplus so that it
accrues to the producer rather than to the consumer
• To dispose of occasional surplus
• To develop new market
• To make the maximum use of unutilized capacity
• To earn monopoly profits
• To enter into or retain export markets
• To destroy or forestall competition
• To increase future sales. Lower price is quoted to
enable buyers to develop a taste for the allied products
produced by the same manufacturer
29. MONOPOLISTIC COMPETITION
• Refers to a market situation in which there are
many producers producing goods which are
close substitutes of one another
DISTINGUISHING FEATURES
• Produce differentiation
• Existence of many firms supplying the market
• Goods made by them are close substitutes
30. OLIGOPOLY
• More than two or a few sellers found in
monopolistic position is called Oligopoly
• IMPORTANT CHARACTERISTICS
• Every seller can exercise an important influence
on the price-output policies of his rivals
• Every seller is so influential that his rivals cannot
ignore the likely adverse effect on them of given
change in the price-output policy of any single
manufacturer
31. DUOPOLY
• Situation in which there are two monopolists instead of
one who share the monopoly power is called Duopoly
DUOPOLY WITHOUT PRODUCT DIFFERENTIATION
• Selling identical commodity without product
differentiation
• There will be collusion between the two
• They may agree on a price, assign quotas and divide
the territory in which each is to market his products
• In case, there is no agreement between the two, a
constant price war will be the probable consequent
32. DUOPOLY Contd…
• DUOPOLY WITH PRODUCT DIFFERENTIATION
• No fears of immediate retaliatory measures by
the rivals
• If one changes price-output policy, there is
less danger of price war
• The firm with better products can earn
supernormal profits
33. PRICE LEADERSHIP UNDER OLIGOPOLY
• In an oligopolistic situation, there are more than two or a
few sellers who are able to exercise monopolistic influence
• In such a situation, we generally find ‘price leadership’
• Under price leadership, one firm assumes the role of a
price leader and fixes the price of the product for the entire
industry
• The other firms simply follow the price leader and accept
the price fixed by him and adjust their output to this price
• The price leader is generally a very large or a dominant firm
• It often happens, price leadership is established as a result
of price war in which one firm emerges as the winner
34. TYPES OF PRICE LEADERSHIP
• Dominant Price Leadership
• Barometric Price Leadership
• Exploitative or Aggressive Price Leadership
35. PRICE LEADERSHIP OF A DOMINANT
FIRM
• One firm produces the bulk of the product of
the industry
• It is able to dominate the entire market
• Other firms unable to exercise any influence
on the market price
• So, the dominant firm fixes a price so as to
maximize its profits
• Other firms have to adjust their output to the
price so fixed by the dominant firm
36. BAROMETRIC PRICE LEADERSHIP
• An old, experienced and the largest firm
assumes the role of a leader
• It protects the interests of all firms instead of
merely promoting its own interest
• It fixes a price which is found to be suitable for
all the firms in the industry
37. EXPLOITATIVE OR AGGRESSIVE PRICE
LEADERSHIP
• One big firm establishes its supremacy by
following aggressive price policies
• It compels other firms to accept the price
fixed
• If other firms show any independence, this
firm threatens them and coerces them to
follow its leadership
• Ultimately, the price fixed by this firm comes
to be accepted
38. WAGES
• ‘Wages ‘ means payments made for the
services of labor
• It may be under contract
39. NOMINAL WAGES
• The money wage is known as nominal wage.
Nominal wages are wages paid in terms of
money
• According to Keynes, workers act irrationally
and generally bargained for money wages
• They sharply react to any cut in money wages
• A rise in prices does not offend labor as such
as a cut in money wages
40. REAL WAGES
• According to the classical wage theory, labor
supply was considered a function of real
wages
• After deflating nominal wages with the help
of price index, we obtain real wages
41. MAIN FACTORS INFLUENCING REAL
WAGES
• Purchasing power of money
• Subsidiary earnings
• Extra work without extra payment
• Regularity or irregularity of employment
• Conditions of work
• Future prospects
42. WAGE DIFFERENTIALS – CAUSES
• Difference in efficiency
• Immobility of labor
• Difficulty in learning a trade
• Future prospects
• Hazardous and dangerous occupations
• Regularity or irregularity of employment
• Collective bargaining