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8. Leadership and Management Leadership and management are foundational elements in the context of workplace productivity. Leadership, in essence, embodies the art of inspiring and guiding individuals or teams toward achieving collective objectives. Effective leaders set a clear vision, establish a compelling direction, and serve as role models ...
Time management is the process of planning and exercising conscious control of time spent on specific activities—especially to increase effectiveness, efficiency and productivity. [ 1 ] Time management involves demands relating to work , social life , family , hobbies , personal interests and commitments.
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Labor economists categorize people into three groups: employed—actually working at a job, even if part-time; unemployed—not working, but looking for work or awaiting a scheduled recall from a temporary layoff; and not in the labor force—neither working nor looking for work.
The term "make-work" is sometimes used as a synonym for featherbedding. The term "featherbedding" is usually used by management to describe behaviors and rules sought by workers. [2] The term may equally apply to mid- and upper-level management, particularly in regard to top-heavy and "bloated" levels of middle- and upper-level management. [3]
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In economics, rationalization is an attempt to change a pre-existing ad hoc workflow into one that is based on a set of published rules. There is a tendency, in modern times, to quantify experience, knowledge, and work. [citation needed] Means–end (goal-oriented) rationality is used to precisely calculate that which is necessary to attain a ...