Opportunity cost is the alternative cost e.g you have the money for a Samsung phone or an iPhone but you can only choose one, you choose the iPhone, therefore, making the Samsung phone the opportunity cost.
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JC Business Studies
Visible trade, in economics, exchange of physically tangible goods between countries, involving the export, import, and re-export of goods at various stages of production. It is distinguished from invisible trade, which involves the export and import of physically intangible items such as services.
Communication: involves the exchange of information
Importance of Good Communication:
- Gets work done: It would be impossible to run a business without communication. E.g Workers need to communicate in order to complete tasks and assignments
- Improves coordination: Managers rely on effective communication to co-ordinate tasks around the world.
- Benefits Industrial Relations: Need to discuss issues with employees before they escalate. If minor problems are left unresolved, they may develop into major ones.
- Avoids costly mistakes: May cause Financial or Reputational (Bad PR)
- Reflects a changing work-environment: Modern workplaces = More Teamwork. Communication is key in empowering workers. It’s a... (More)