Or if you have a classmate who has a different skin color than you, you can learn about their experiences and how they see the world, which can help you see things from a different perspective. and As a matter of fact, a diverse workforce will often mean diverse expertise, talent, experience and capabilities in the employees. Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/finance/encyclopedias-almanacs-transcripts-and-maps/three-economic-questions-what-how-whom. Diversity can be in many different diversity dimensions. When we have diversity, we get to learn about and appreciate these differences, and we can also learn from each other. Therefore only those commodities with positive prices are to be produced and in such a way that would clear the markets. A society (or country) might decide to produce candy or cars, computers or combat boots. Encourages learning and personal growth: Interacting with people from diverse backgrounds can help individuals expand their knowledge and understanding of different cultures, values, and experiences, promoting personal growth and empathy. No country can produce everything, no matter how rich its mines, how massive its forests, or how advanced its technology. Cite this article Pick a style below, and copy the text for your bibliography. Individuals must choose how best to use their skill and effort, firms must choose how best to use their workers and machinery, and governments must choose how best to use taxpayers money. Lets talk about how you are impacting others. If we want to continue to attract the best talent, we need to be reflective of the talent in the specific market and offer a work environment that employeeswant to be a part of. Once you have a team that share the generalized world view, but the additional ability to provide localized point of views, you will have the advantages of both worlds. The different thinking from groups of employees coming from a diversity of backgrounds can reduce risks by 30% while improving innovation by 20%. In 1985, for example, President Mikhail Gorbachev (b. Which three basic economic decisions must every society make? Does the sender (maker) of a debit memorandum record a debit or a credit in the recipients account? 15. Anotherbusiness benefit of Diversity and Inclusionis aboutBrand and Reputation enhancement. Deloittealso thinks that Diversity can be a benefit because diversity also brings adiversity of thinkingin aDiverse Work Environment. Who consumes what is produced? TheDiversity.Social Diversity and Inclusion Best Practiceis to intentionally structure your companies based on your target customers. While certain industries perform better on gender diversity and other industries on ethnic and racial diversity, no industry or company is in the top quartile on both dimensions. answer choices true false Question 3 30 seconds Q. And 70% of . Example of the benefits are from [Why Diversity is Important? Great reasons why Diversity is important in the workplace and society. Instead, the earths supply of resources is limited. Luckily, we had worked with people who lived in these countries who could provide the insight we needed to strengthen our product.. In-house production means employment generation whereas foreign land production means goods produced at a lesser price. The Central problems of what and how much to produce; how to produce and for whom to produce are determined by the free price mechanism. If Household sell labor for wage, does this means each individual is a household for their own labor? Capital would mean the tools, machinery, buildings, etc provided to the government in exchange of money (interest). Encyclopedia.com. Productive resources and the resulting output being scarce, we cannot satisfy all wants of all the people. Workplace diversity is important within the organization as well as outside. 3 Why do all societies have to make decisions about how resources will be used? in underground passages and rooms called catacombs fundamental problems. If you are introduced to or become more aware of a different culture, race, gender in a diverse environment or society. Research has shown that diverse teams make better decisions up to 87% of the time, Source: the right to redress. A. Your organization may need someone to champion this important work, a Chief Diversity Officer or leader is often assigned to lead such work. Diversity widens viewpoints and takes different ideas and perspectives into account. This involves deciding who is the end consumer of the goods or services that are produced. Content Guidelines 2. In-house production means employment generation whereas foreign land production means goods produced at a lesser price. Mckinseys research shows a clear correlation between Gender & Ethic diversity to profitability. They are:- what goods and services are to be produced, how to produce, for whome to produce and who has control View the full answer Transcribed image text: 1. Everyday Finance: Economics, Personal Money Management, and Entrepreneurship. what is gross domestic product and how is it a description of economic activity? Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. 2) How to produce (Methods of production) A. what goods and services to produce B. how to produce goods and services C. for whom to produce goods and services D. whether to produce goods or services Who decides what to produce in a free economy? A diverse and inclusive workforce can improve customer services. In addition to rights, consumers also have ____ , which include ____, ____ and ____. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The fact is that if you want to build teams or organizations capable of innovating, you need diversity. The Pink Pound consumer will become a major consumer segment as women become more independent with an increasing purchasing power. Your employees from diverse groups will have a better awareness of others world views. Because of the constraints of scarcity, then, decisions must be made about resource allocation (that is, how best to allocate, or distribute, resources for the maximum benefit of the society). Supply and demand of goods and services determine what is produced and the price that will be charged. In economics, natural resources not created by people are called ___ and examples (they are finite). and who would consume these goods( for whom to produce?). Hence, to maintain stable equilibrium price it becomes necessary to make demand and supply equal. Other advantages include loyalty from customers who choose to do business only with companies whose business practices are socially responsible. A diverse workforce or community is better equipped to do so, ensuring that products, services, and, Economic benefits: Diversity can contribute to economic growth by increasing the, Social justice and equity: Promoting diversity is an essential part of working towards a more just and equitable society, where all individuals have equal opportunities and are not held back by. Beginning in the late 1970s, reforms in China were carried out as the government began to relinquish its control over the means of production and allow market forces to exert an increasing influence over the three basic economic questions: what gets produced, how it gets produced, and for whom it gets produced. The laws of nature. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. An example would apply to the same careers too, a dentist who studied in Korea likely have a different experience than a dentist who studied in Cuba. The entrepreneur will try and produce goods for the most profitable and cost-effective method. human capital and what is one important way you can invest in your own human capital? Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. In its purest form a market economy should function without any government intervention. A trade-off is what you must ____ when you make a choice. Modern economic theory as we know it today is founded on the writings of the Scottish philosopher Adam Smith (172390), especially his best-known work, a five-book treatise called An Inquiry into the Nature and Causes of the Wealth of Nations. Enhances adaptability and resilience: Diverse groups can be more adaptable and resilient in the face of change, as they are more likely to have a range of skills and experiences that can help them respond to new challenges and opportunities. Finally, all societies need to decide who will benefit from the output from its economic activity, and how much they will get. It is necessary to appreciate that opportunity cost relates to the loss of the next best alternative, and not just any alternative. Although most traditional economies have been replaced by more modern economic systems, they can still be found in the agricultural areas of developing countries in Asia, Africa, and South America. In reality, most countries employ some mix of economic systems. However, beyond the common sense factor, research backs this concept up. The citizen in the society. ." The How to Produce question. The basic economic problem is about scarcity and choice, which Question 3 1 pts What does answering the For Whom to Produce question mean? what to produce: how to produce: for whom to produce how much to produce: what quality to produce: and what price to sell at what to produce; how to much to produce, how to consume how much goes to government: how much goes to consumers; how much is exported Save Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Uploader Agreement. This website uses cookies to improve your experience while you navigate through the website. Available resources help determine how to produce goods. What factors go into making a decision about HOW to produce the goods? The mixed economic system is defined as an economic system that combines the elements of a market economy and the elements of a planned economy. All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce, resources. How important is it to know whom to produce? Individuals who have better bonds with their neighbors are less likely to die early deaths due to cardiovascular disease, cancer, and other chronic illnesses. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. Jose has over 10 years of working with and advising employers to be more diverse and create an inclusive working environment. Necessary cookies are absolutely essential for the website to function properly.
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