Adam Smith and Karl Marx: Economic Thought Comparison
Adam Smith (1723 – 1790)
Scottish philosopher and economist, one of the greatest exponents of classical economics. In 1776, he published “An Inquiry into the Nature and Causes of the Wealth of Nations,” which is considered the foundational text of political economy.
Key Contributions of Smith
- It was the first attempt to analyze the determinants of capital formation and the historical development of industry and trade between European countries, establishing the basis for modern economic science.
- Smith
Key Banking Concepts: Understanding Financial Services
Here is a brief overview of the requested banking concepts:
– Issue Management: Issue management refers to the process of managing new securities issues by companies to raise capital from the public. It involves planning, promoting, underwriting, pricing, and distributing securities. Issue managers coordinate with regulators, stock exchanges, and investors to ensure smooth and successful capital raising, often aided by merchant bankers.
– Underwriting Services: Underwriting is a service where an investment
Read MoreComplaint Resolution Process Steps and Outcomes
Analysis of Complaint or Claim
Service Provision
We should be able to suggest a solution. The response to a complaint may include:
- A refund of the money (reembolso)
- Technical assistance
- Provide necessary information (proporcionar info)
- Replace the damaged product
- Repair the product
- Compensate for the damages
- Apologize (disculpas)
- Offer gifts or expressions of goodwill
Analysis of Satisfaction
The company must verify the level of customer satisfaction with the solution and the process implemented. Surveys are
Read MoreStrategic Management Concepts and Core Components
Understanding Strategic Management
Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives.
Dimensions of Strategic Management
1. Top-Management Decisions
- Strategic decisions overarch several areas of a firm’s operations.
- Usually, only top management has the perspective needed to understand their broad implications.
- Only top managers have the power to authorize necessary resource allocations.
2. Large
Read MoreUnderstanding Logistics: Key Objectives and Functions
The importance of effective logistics management includes reducing costs, increasing efficiency, controlling inventory, and improving customer satisfaction. A business with a strong logistics strategy can gain a competitive advantage by delivering products to customers on time and in the right condition.
Operational objectives of logistics are often summarized by the “Seven Rs”:
Getting the right product.
In the right quantity.
At the right
Read MoreEffective Decision-Making Models in Organizational Management
Decision-Making in Organizations
Managers design structures and cultures that fit the environment; they choose technologies to convert inputs into outputs and a strategy to guide the use of competencies and resources to create value. In doing so, they face two types of decisions:
- Programmed Decisions (Routine): These are repetitive and routine decisions handled through standard rules and procedures.
- Non-Programmed Decisions: These are new, unstructured decisions made without predefined rules.