Natural Resources - sometimes called land - consists of all the items of nature. This includes mineral deposits, drinking water, arable land, vegetation, natural forests, marine resources, the atmosphere, sunshine and pet life. They are really a fixed source. If we want more of these, their availability can't be increased. It is possible to exploit some of the resources, for example, nutrients. Once the nutrients are used, they cannot be substituted.
Labour - is thought as the exercise of individual mental and physical effort in the creation of goods and services, where humans are rewarded by means of an income. The quality of labour is will depend on the size of the populace and the portion that is able and eager to work. The grade of labour, which is detailed by the skill, knowledge and health of the personnel, is important.
Capital - is made up of produced resources, such as machines, tools and structures which are being used in the development of other goods and services. It really is those tangible things that are used to produce other things. These resources do not have an unrestricted life.
Entrepreneurship - is the availability of natural resources, labour and capital is not sufficient to ensure economic success. These factors of development have to be organised by people who see opportunity and are willing to take hazards to producing the products, believing that they will be sold. These folks are called business owners. They will be the driving drive behind the creation. They are the innovators, the initiators, who take initiative. They think that their ideas will make a income.
2. 1 The Four Factors of Development in the Economy
2. 1. 1 Natural Resources
To increase the use natural resources we can apply regulations to safeguard the natural resources like forests that will increase travel and leisure; encourage farming to increase vegetables and fruit; the investment to improve the technology to mine vitamins; and find ways to improve the usage of the natural resources.
2. 1. 2 Labour
The labour polices restrict entrepreneurship, permit government sponsor, allow employment, regulate minimum wage, maintain specifications of working conditions, and ensure protection conditions.
2. 1. 3 Capital
We can encourage international investment, investment funds in infrastructure to improve production easier, for example street maintenance and encourage of lending options for new businesses.
2. 1. 4 Entrepreneurship
To encourage entrepreneurship the change can begin in colleges whereby economics can be introduced within the curriculum, encourage businesses to possess open times for students to learn how the business works, develop and have tools that enhance entrepreneurship.
2. 2 The Four Factors of Production inside our Organisation
2. 2. 1 Natural Resources
For the organisation, there are no natural resources that are used.
2. 2. 2 Labour
Employing those who have the certification, the mental work, knowledge and brain vitality, to fit the organisation's culture and beliefs will improve the business. Training will empower and improve the employees to do their job effectively. BankSeta helps in increasing and up-skilling employees in the financial sector. It is important to caring for the well-being of the employees - for example, developing a canteen for employees where the food is easily accessible and safe and time to go and purchase lunch and also to ensure employees obtain the relevant training so that they are reliable in their job. You will find two types of physical energies in the company - Sales and Admin. Sales generate the business therefore the Admin can do their job. The company is reliant on clients for the business enterprise to develop. Admin run the day-to-day admin and they are determined by the exterior energy.
2. 2. 3 Capital
In the prior premises, the auto parking was not easily accessible, the building cannot hold all the employees, there were insufficient working channels and the technology was not up to standard. In the new building the technology and software have been upgraded. The organisation must ensure that the systems are ideal for the Banking sector. Suited working stations are installed, that will enhance the well-being and working environment of the employees. The building and appointment rooms have been created to enhance the clientele and connections with clients. The building projects the organisations ideals and culture. The organisation's brand and reputation has been built on RMB and it continues to build its reputation through its client services.
2. 2. 4 Entrepreneurship
The organisation induces innovations. There can be an enhancements blog where employees can submit their suggestions to management where all ideas are taking in consideration. The company is flat set up and open up plan Managers are available to their employees and offer constant responses. Employees are empowered and urged to manage their own development. Employees live and have confidence in the organisations prices and culture. The company is developing self sustaining systems. The company is current putting into action the health care and development model which is targeted on caring and growing the employees as individuals.
3. The South Africa Foreign Trade (Imports and Exports)
In this section of the assignment, I make reference to the Trade Survey - Oct 2009 published.
The basic indications section suggests the trade per capita which is the estimated trade of goods and services during the last 3 years - based on the populace. The GDP is assessed in nominal conditions and with market exchange rates. The trade-to-GDP proportion is the estimated trade of goods and services during the last three years - based on the GDP. The true GDP are exports and transfer of goods and services of data at regular prices. The rates on the globe trade of goods and services are thought as members as individual traders and as one trader. In my own opinion the ratio drop from 2007-2008 was from the Wall structure Street financial street to redemption in 2008, which afflicted the percentage drop from 2007-2008 of exporting of goods and services. As we'd the FICA and KYC restrictions set up, this guarded us. The ratio drop from 2007-2008 of importing of goods and services, for me, reflected the actual fact that the importers were being mindful plus they were concerned that the local people wouldn't have the money to buy goods and services. Consumer spending per household decreased.
Agriculture which includes raw materials and foods such as fruit and vegetables, fruit, maize, sweets. In my opinion we export the best class of your food and sell the others to the local people. This increases the creation of GDP and the economy. We ought to increase our export of agriculture. We import fewer foods and products into the country.
Fuels and mining products which includes other minerals, gas and ores and non-ferrous metals. In my own opinion we ought to not export much. This should lower. We should rather increase our skills and knowledge so that we can export the end product. This would increase our GDP and the market. For example, platinum: we export the majority of our raw yellow metal and import the end product because we do not have the abilities and knowledge to help make the jewellery. The constant decrease and increase of fuel costs affects the overall economy and folks spend. The ratio of imports, in my opinion, is acceptable as this keeps the balance of the economic production levels.
Manufactures which identifies steel, flat iron, chemicals, other semi-manufactures, equipment, move equipment, textiles, clothing and other consumer goods. In my opinion the ratio of exports should decrease as the country should use these materials to make the market of the united states. In building the position of the country, this might increase our financial growth. For instance, building homes. The exporting retains our foreign exchange inline with other countries. In case the exporting reduces, the importing will decrease. Occasionally, it is better to import the parts to be set up locally than to transfer the finish product. For instance, in the Functions, Execution Management and Sustainability, the lecturer gave an example of an organization who kept on overall costs by importing the parts and assembling it locally rather than importing the finish product. South Africa has very innovative people and we should start believing in what we have. When administration or traders do not see the potential of the innovative ideas, the innovators finish up selling their suggestions to other countries and wrap up importing the finish product. We ought to spend additional time in buying these impressive ideas as this will increase our economic development.
Commercial Services Trade, which refers to construction, fund, computer, insurance, communication, social and recreational services, information, other businesses, royalties and other fees. In my opinion the percentage of exports and imports reveals that there is too little interest, discussion and investment in South Africa from other countries.
Transportation - in my own opinion the percentage of exports is suitable. The percentage of imports implies that we lack the abilities and knowledge to maintain our transport.
Travel - the percentage of exports indicates that locals favor to travel to other countries instead of our own. We ought to improve our tourism locally to encourage the local people and foreigners to explore South Africa. This country has a great deal to offer.
Other commercial services - in my opinion the ratio is acceptable.
We are shedding individuals who have the abilities and knowledge in sectors like medicine, engineering, technology and construction to other countries. We have to be retaining these skills to build an improved country. We have to be buying developing in our people, empowering them in order that they have take great pride in in themselves and are pleased with their country, to allow them to make it a much better destination to live.
4. The Bank Sector, Organisation, Office and I
The organisation forms area of the bank sector. The bank sector is linked to economic progress through boosting the access to financial services, and increasing competitiveness of local financial market segments - both which decrease the costs of funding. The essential role that the bank sector plays in the process of transferring savings to borrowers is risk writing, providing liquidity, information and improving efficiency. When the financial market segments are well toned, they improve the availability of funds to support borrowers and channel the cash to where in fact the rates of earnings are higher. Positive effects like this can improve the economic development by greater capital build up with lower cost of financing and increased efficiency. But in some countries, the financial marketplaces are not developed and market failures exist everywhere.
By enhancing the usage of financial services and the efficiency of financial go-between, which can reduce the cost of financing the banking sector, stimulates capital build up and economic growth.
A medium of exchange
A product of bill or a standard of value
A store of value for future use
Not easily produced by people
Not too scarce
The organisation needs to ensure that their products are inline using their competitors and maintain the supply of money and borrowing from clients.
The Learning Alternatives (LS) Department is in the process to become a self-sustaining system. We are working well together and have the same target and goals. At our yearly meeting, we discuss days gone by 12 months - what we've completed, what obstacles we came across, how exactly we can improve, what changes we wish to see and what our focus and goals will be for the coming year.
We had looked at the functions of the Human Resources (HR) division and driven that there have been common areas and functions that the HR section experienced. The LS division was a closed system and experienced no interconnections with them. The HR section have three subsystems specifically, People Development, Supervision and New Recruits. The overlapping of work areas will be the new recruits and folks development. Changes would have to be made.
Administration is an open and shut down system, they have got confidential information that should not be distributed to other employees (wages and medical aid) and the employees submit general supervision / queries
New Recruits is an open and finished system, they too have confidential information that should not be shared with other employees (contracts between the Bank or investment company and worker) and information about the new recruits will be shared with the LS department
People Development can be an open and shut down system, they have a good romantic relationship with all the managers and know where staff development is required which information will be shared with the LS department
Develop a available relationship with the New Recruits team
Develop a wide open relationship with the folks Development team
In making these changes our company is enabling the development of knowledge and empowerment in the employees. The employees are enabled to be efficient at their job. In being useful and knowledgeable, they will enhance the expansion of our clients and their ventures which will assist the progress of the economy.
Each individual contributes to the economy. How can I donate to the economy? I have to understand my financial position and increase my riches. I need to know what money I save and commit for the future and invest in my country. I need to maintain my knowledge and personal progress. I need to be aware of the country's financial position. I have to balance my needs with the available resources.
5. Inflation - Consumer Practices and Behaviour
The meaning of inflation is the rise in prices of goods and services within an economy over a period. When price levels rise, the machine of currency will buy fewer goods and services. It is an erosion of the purchasing vitality of money. Inflation occurs when the purchase price increase of goods and services are saved over a period. The overall price level is assessed by the Consumer Price Index.
As the purchase price levels rise, the consumer habits and behaviour are influenced. Consumer behaviour is the analysis of when, why, how and where people do or do not buy goods and services. It is about understanding the consumer's buying decision-making process in an attempt to understand people's desires. Habitual habits of spending that consumers have over a period of time are the best thing that can occur to a brandname. For this to happen there are two conditions that need to satisfy the consumer - the brand in question must belong to a product niche that elicits a low level of engagement from the buyer when considering purchasing the product and the consumer becomes a satisfied customer when purchasing the product - the brand should deliver on what was guaranteed. For the brand to be a area of the consumer's habit, the critical necessity is the delivery of value on the first purchase.
Inflation occurs when the demand for goods and services increase and the supply remains unchanged or the increase of cost of development which pushes up the purchase price level. How can this affect the buyer? It is dependant on the affordability of the consumer. For example, in the very beginning of the year 2008 I bought 6 chocolate muffins at Woolworths for R10. 99. In '09 2009, the expenses had risen to R24. 99 for the same product. Because of the price increase, I no more buy the chocolate muffins.
6. Microeconomics and Macroeconomics
Microeconomics is the study of how household and organisations make decision to allocate limited resources. It examines the behavior have an impact on of the resource and demand of the products and services which establishes the prices which in turn determine the source and demand of the products and services.
Macroeconomics handles the performance, framework and behaviour of the complete world. It looks at indicators such as GDP, unemployment rates, price indexes to understand the whole overall economy functions.
Our environment would be more stable
There would be overall well-being and excitement in individuals, less stress
Depending on the individual's mentality, there would be more investment and spending
The wealth of individuals would grow
Decrease in crime
Decrease in immigration of individuals
Increase of skilled individuals
Downfall is the fact that there would be overspending and more debt
The current economic climate would become more liquid
There will be a growth in external investors
The country would become more successful and innovative
Increase of tourism
Increase of entrepreneurship and resources
Increase of the well being of the country
Decrease of poverty
Each one of us on an individual level has an have an effect on on the economy, which influences the organisation, which affects the united states. If the company wants to grow they have to have good control skills and delivery of goods and services. In my judgment the improvement of the overall economy starts off with oneself. I have a good understanding of my own funds and how I can increase my riches. I've realised that I have to improve my understanding of my organisation and how it impacts the economy of the country. I have to improve my understanding of the overall economy of the country.
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