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People queue up for soup and bread at relief tents in the aftermath of the Great Seattle Fire of June 6, 1889. In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."
Capacity planning is the process of determining the production capacity needed by an organization to meet changing demands for its products. [1] In the context of capacity planning, design capacity is the maximum amount of work that an organization or individual is capable of completing in a given period.
It is the application of economic theory and methodology in business management practice. Focus on business efficiency. Defined as "combining economic theory with business practice to facilitate management's decision-making and forward-looking planning." Includes the use of an economic mindset to analyze business situations.
A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods.
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
A business process, business method, or business function is a collection of related, structured activities or tasks performed by people or equipment in which a specific sequence produces a service or product (that serves a particular business goal) for a particular customer or customers. Business processes occur at all organizational levels ...
A study in 2001 observed that "the act of resetting aspirations and strategy is often the first step in improving an organization's capacity". Secondly good management is important (committed people in senior positions to make capacity building happen). Thirdly, patience is required: "there are few quick fixes when it comes to building capacity ...
If a community relies on the resources that are in the surrounding area, then they need to be used in a sustainable manner to insure the indefinite supply of the resources. A community needs to work together to be able to be productive, and when there is a need to get things done, management needs to take the lead.