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In production and project management, a bottleneck is a process in a chain of processes, such that its limited capacity reduces the capacity of the whole chain. The result of having a bottleneck are stalls in production, supply overstock, pressure from customers, and low employee morale. [1] There are both short and long-term bottlenecks.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER ...
Bottleneck (engineering), where the performance of an entire system is limited by a single component; Bottleneck (network), in a communication network; Bottleneck (production), where one process reduces capacity of the whole chain; Bottleneck (software), in software engineering; Interconnect bottleneck, limits on integrated circuit performance
Economic graphs are presented only in the first quadrant of the Cartesian plane when the variables conceptually can only take on non-negative values (such as the quantity of a product that is produced). Even though the axes refer to numerical variables, specific values are often not introduced if a conceptual point is being made that would ...
In an economic market, production input and output prices are assumed to be set from external factors as the producer is the price taker. Hence, pricing is an important element in the real-world application of production economics. Should the pricing be too high, the production of the product is simply unviable.
In streamline manufacturing, the bottleneck is the station of a production line where greatest limiting factor lies. It is generally the station with the greatest amount of work in process at the work station. Bottlenecks often results in slow production times, surplus of raw material and low employee morale.
Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it.