The industry that is most dependent on low cost labor varies depending on region and country; however, certain global industries such as agriculture, garment manufacturing, and hospitality sectors are often associated with this type of labor.
Agriculture and agriculture-related industries are reliant upon physical labor to bring in the harvest and prepare goods for distribution. Additionally, garment manufacturing and hospitality sectors require a labor force to meet their manufacturing and service needs.
Agricultural labor is especially dependent on low cost labor in countries where conditions are conducive to cultivating a variety of crops and the manual labor associated with growing, harvesting and preparing goods for distribution.
This type of labor often means long hours and often grueling and dangerous working conditions for many agricultural workers. Additionally, in certain countries an economy’s reliance on the agricultural sector can mean that the individuals employed in this space are amongst the country’s most impoverished and vulnerable citizens facing arbitrary wages and limited access to rights, benefits, and representational bodies.
The garment manufacturing sector, while not as physically demanding as agricultural labor, is focused primarily on high volume production with a labor force that is often subject to long hours, low wages, and limited rights.
Many garment workers are employed in global supply chains with production labor taking place far away, making it more difficult for workers to organize and collectively bargain for improved labor conditions.
Finally, the hospitality sector, with its focus on customer service, is heavily reliant on personnel to welcome guests, prepare, serve and clean up after them, and is thus prone to low wages and limited access to benefits and protective labor laws.
Workers in this sector often have little to no job security, leaving them particularly vulnerable.
In conclusion, the industry most dependent on low cost labor may differ in different countries and regions, however, certain global industries including agriculture, garment manufacturing, and hospitality sectors have long been known to rely on this type of labor.
What are Situation costs?
Situation costs are a type of opportunity cost that refer to the decision of whether or not to pursue a certain course of action. The opportunity cost of pursuing a certain course of action is the potential benefits that could be derived from taking a different course of action.
In other words, situation costs are the potential benefits that are forgone when one chooses to pursue a certain course of action.
For example, if someone is considering whether or not to go to college, the situation cost would be the potential earnings that could be made if the individual did not go to college. The opportunity cost of not going to college would be the potential earnings that could be made if the individual did go to college.
In this example, the situation cost is the opportunity cost of not going to college.
It is important to note that situation costs are not always financial in nature. They can also be emotional, social, or psychological costs. For example, the situation cost of getting a divorce may be the emotional pain that is caused by the breakup of the family.
The opportunity cost of staying in an abusive marriage may be the emotional pain caused by living in an unsafe and unhappy home.
Situation costs are often ignored when making decisions because they are difficult to quantify. However, they can have a significant impact on the overall costs and benefits of a decision.
What is the difference between an open shop company and a closed shop company quizlet?
A closed shop company is one that requires all employees to be union members. A closed shop company is empowered to forbid any non-union employees from working in that company while a closed shop company could still hire non-union members.
An open shop company is one that does not require its employees to be union members. An open shop company is more likely to employ people on a non-union basis and encourages members to join voluntary organizations or unions.
Open shop companies do not deny employment to people based on membership in a labor organization.
Both open shop and closed shop companies follow the same legal obligations of obeying state and federal laws, such as anti-discrimination or rights-to-work laws, and paying equal wages to all employees regardless of membership in a labor organization.
The main difference between closed shop and open shop companies is their respective policies towards labor unions. Closed shop companies favor unions and compel their employees to become a part of a union to be hired and remain employed, while open shop companies are more neutral in regards to unions and do not require employees to be union members in order to be hired.
When companies are deciding where to locate a factory they consider two geographic costs?
When companies are considering where to locate a factory, there are two major geographic costs to consider. The first cost is the cost of resources including land, labor, materials, transportation, and energy needs.
The second cost is the cost of setting up the infrastructure needed to support the operations of the factory, including roads, utilities, communication networks, waste disposal systems, etc.
It is important to consider the availability and cost of resources in the region when selecting the right location. Availability of a skilled labor force and access to competitively priced materials, transportation and energy are all important factors.
The region’s infrastructure and the cost of setting it up must also be taken into account. Additionally, the cost of permits, taxes, and other regulatory compliance costs must be factored in.
The right choice for a company’s factory location will depend on the balance among all of these costs. Companies must carefully consider the cost of resources and infrastructure when selecting the best place to locate their factory.
Why is long distance transportation cheaper per kilometer?
Some of these reasons include economies of scale, lower labor costs, and lower infrastructure costs.
Economies of scale play a big role in making long distance transportation cheaper. When a company transportation company can transport large amounts of goods or people at once, they can spread the fixed costs of operating their business over a larger number of goods or people.
This means that each unit that the company transports costs them less money, and they can pass these savings on to their customers in the form of lower prices.
Another reason why long distance transportation is cheaper is that labor costs are usually lower. This is because long distance transportation generally requires less labor per kilometer than short distance transportation.
For example, it takes fewer people to operate a long distance freight train than it does to operate a local bus service.
Finally, long distance transportation is often cheaper because the infrastructure costs are lower. This is because long distance transportation generally uses less infrastructure per kilometer than short distance transportation.
For example, a long distance freight train will generally use less track than a local light rail system.
What is the lowest cost form of transporting goods?
The lowest cost form of transporting goods will depend on the size and weight of the items, as well as the distance of travel and the desired timeframe for delivery. For very light items, over short distances, the most cost-effective way to transport goods is by post or parcel delivery.
However, for heavier items, over longer distances, the most cost-effective way to transport goods is typically by road freight, rail freight or sea freight. Each of these form of transport has a different cost associated with it, with road freight generally being the cheapest for faster deliveries, rail freight having a medium cost but typically offering the longest delivery times, and sea freight having a higher cost but offering the greatest flexibility with delivery times.
Ultimately, the best form of transportation will depend on the specifics of the shipment and it is advisable to comparison shop and get multiple quotes in order to secure the lowest possible cost.
Which of the following are the assumptions for the locational cost profit Volume Analysis quizlet?
The assumptions for a locational cost profit volume analysis are as follows:
1. Price and cost are constant. Price and cost do not change with changes in the quantity produced or purchased.
2. All operations are assumed to occur above the breakeven point.
3. All cost items (fixed and variable) are assumed to be proportional to the activity level.
4. All sales and cost patterns show consistent behavior over time.
5. All products that are being considered in the analysis have the same cost behavior.
6. All products have the same selling price.
7. The expected sales volume is reasonably stable.
8. No inflation in costs or pricing is expected.
9. All accounting policies and procedures are assumed to be consistent and reliable.
10. A relatively long period (typically one year) is assumed for the analysis.
Overall, the locational cost profit volume analysis relies on several primary assumptions in order to generate accurate and reliable conclusions about a company’s profitability and potential for growth.
By taking into account these important factors, businesses can make more informed decisions about how to move forward with their operations.
What is a bulk reducing industry?
A bulk reducing industry refers to an industry that processes large volumes of raw materials or semi-finished products into smaller parts or components. Examples of such industries include packaging, car manufacturing, and food processing.
Some of these industries use machines to break down raw materials or products into smaller pieces, while others use manual labor.
For example, the car industry is a bulk reducing industry, where entire cars are assembled from hundreds of individual components. These individual parts are supplied by various other companies and are then assembled together in a factory.
The packaged food industry is also a bulk reducing industry, where large amounts of raw ingredients are processed into smaller packages of food items. This can include chopping vegetables, deboning meat, grinding grains, and mixing together batches of dough.
In addition to these industries, some bulk reducing businesses are also involved in recycling and re-using materials such as paper, plastic, or metal. Businesses like these collect raw materials, process them into smaller parts or components, and then resell them or send them to be used in another process.
Bulk reducing processes help to ensure that raw material is used efficiently, reduce waste, and can even be used to create completely new products.
What is an example of a bulk reducing good?
A bulk reducing good is a type of product that is most efficient when bought in large quantities. This is because often times larger quantities of the product come with discounts or lower per-unit costs.
For example, most grocery stores offer bulk discounts on items such as canned goods or single-serving snack packs. Buying in large quantities allows customers to save money while stocking up on the same product.
Another common example of a bulk reducing good is toilet paper – the more you buy, the lower the cost per sheet. Bulk reducing goods are an efficient way for stores and customers to save money and stock up on items that may take some time to use up.
What is the difference between bulk reducing & bulk-gaining?
Bulk reducing and bulk-gaining refer to two strategies used by athletes and gym-goers to achieve their desired physiques. Bulk reducing is a strategy used to reduce body fat and achieve a leaner body composition.
This can be achieved through a combination of diet and exercise like weight lifting, cardio and HIIT training. Bulk-gaining, on the other hand, is a strategy used to build muscle mass. This is done through a combination of weightlifting, increased caloric intake and protein supplementation.
Bulk-gaining is desirable for those seeking to add visible muscle mass and definition to their physique. Both strategies require dedication, a good understanding of nutrition and a thorough training plan.
What is meant by footloose industry?
A footloose industry is a business or enterprise that has no limitation in deciding where to locate or conduct its operations. It can be based anywhere and has no requirement to be tied to one geographic region.
Generally, footloose industries are those that are not tied to a particular locality, such as agriculture, mining, oil, or shipping. Footloose industries require no special infrastructure, materials, or services, and as such can often stand alone or contract out other services and materials.
Examples of footloose industries include IT, software development, internet startups, consulting, and professional services. Footloose industries are highly mobile and have the ability to quickly move where the best costs and opportunities are available.
This flexibility allows them to take advantage of changing local economic conditions and take advantage of local tax systems.
What is Canada’s most important industrial area?
Canada’s most important industrial area is likely the province of Ontario. This province is home to a sizable portion of the country’s population, as well as a large number of businesses and industries.
Notable industries within Ontario include automotive, aerospace, telecommunications, minerals processing, energy, chemicals, food processing, agriculture, and pharmaceuticals. In fact, Ontario produces about 66% of the total Canadian output for manufacturing industries.
Additionally, major automobile manufacturing companies such as Ford, GM, and Toyota have plants located in Ontario. Across the province, industrial infrastructure is highly accessible and positioned to be competitive within the Canadian and international markets.
The province is home to the largest port in Canada, Canda’s busiest airports, and five major North American financial centers. This infrastructure has made Toronto a major hub of global finance.
Thus, Ontario is Canada’s most important industrial area, with some of the most well-developed and diversified industries in the country. It is driven by workforce talent and financial investments as well as its accessible infrastructure, making it a vital and prosperous area for industry and business.
What are the 5 types of industries?
The five main types of industries are:
1. Primary Industry: This type of industry involves extracting or harvesting natural resources and raw materials from the environment. Examples include fishing, hunting, forestry, and mining.
2. Secondary Industry: This type of industry involves the transformation of raw materials into a finished consumer product or service. Examples include furniture and clothing production, electronics manufacturing, and the provision of services such as banking or healthcare.
3. Tertiary Industry: This type of industry is separate from the production of goods and services, but is still involved in providing them. Tertiary industries often involve distribution of products, transportation, customer support, and other activities related to the production and delivery of services or goods.
4. Quaternary Industry: This type of industry involves activities related to information, intellectual property, and research and development. Examples include software development, IT services, and engineering.
5. Quinary Industry: This type of industry involves high-level management and decision-making activities. It can involve politicians, economists, and other roles related to policy and decision-making.
What are Western Europe’s principal industrial areas?
Western Europe is home to some of the most vibrant and productive industrial areas in the world. In particular, the Ruhr and Rhine-Ruhr area of Germany is an industrial powerhouse, producing a wide variety of products including steel, chemicals, machinery, and engineering equipment.
Other important areas of industrial activity in Germany include the North Rhine-Westphalia and Bavaria regions. The Netherlands boasts one of the most successful and reliable manufacturing sectors in Europe, with processes such as high-tech electronics, medical instruments, and food processing.
France is home to important clusters of industries in areas such as Paris and the eastern Lorraine region, while the Lombardy and Piedmont regions of Italy specialize in mechanical engineering, automobiles and machine tools.
Belgium also has significant areas of industrial production in its Walloon region. In the United Kingdom, the East Midlands and West Midlands are home to numerous major manufacturing firms, while Scotland specializes in shipbuilding, iron and steel production, and energy production.
In addition, several other countries in Western Europe such as Austria, Finland, Portugal, and the Nordic nations of Denmark, Sweden, and Norway also have important industrial sectors.
Where are the top 5 industrial regions in the world?
The top 5 industrial regions in the world can be found in Asia, Europe, North America, and Latin America. In Asia, China and Japan are the two leading industrial countries, accounting for around 40% of the world’s manufacturing output and 39.
3% of global industrial automation spending. Europe, led by Germany, is the next industrial powerhouse, with 16.8% global automation spending, followed by the United States with 8.6%. In Latin America, the top industrial nations include Brazil, Mexico, and Chile, accounting for 6.
2% of global industrial automation spending. Lastly, India has the highest industrial output growth rate among the top 5 industrial countries, with 3.8%.
Which is the most important industrial complex of Europe?
The most important industrial complex of Europe is the Ruhr region, which is located in Germany. This industrial powerhouse is one of the most important regions in terms of GDP and population in Europe, and is the largest conurbation in Germany.
It consists of cities such as Dortmund, Essen, and Bochum, and is a major center for the production of iron, steel and chemicals, as well as engineering industries. This has resulted in a large number of jobs in the area, creating a large and diverse population.
The region is home to many international companies and is a center of the automotive and technology industry. The Ruhr is also the location of some of the biggest ports in Europe and has large international airport facilities.
This contributes to the major trading network in the region, creating a large economic output. In addition to large job markets, the Ruhr area also has a great cultural diversity due to its large population, making it one of the most important industrial complexes in Europe.
Why is Western Europe considered a postindustrial region?
Western Europe is considered a postindustrial region because it has experienced a shift from traditional heavy industry to a new economy which places a greater emphasis on knowledge and information. This change was most prominent after the end of the Second World War, and is due to a combination of economic, demographic and technological factors.
Before the Second World War, the industrial base of Western Europe was heavily focused on the production and processing of raw materials, and the manufacture of finished goods such as cars and electronics.
This traditional industrial sector accounted for a significant proportion of the region’s GDP. However, since the 1950s, there has been a gradual shift towards a service-based economy as businesses moved towards new technologies, computerisation and automation.
This has resulted in an increased focus on the knowledge economy – the sector which relies heavily on the use of information, research and high-level skills to drive the creation of sophisticated products and services.
Western Europe’s economy has continued to adapt and evolve over recent decades, with a further shift towards a focus on creative industries, technological innovation, and digital disruption. This has seen the development of new professions, as well as an increase in the number of highly skilled professionals in the region.
This postindustrial environment has also allowed for the emergence of new industries, and for existing ones to develop and diversify.
Overall, Western Europe has undergone a substantial transformation since the end of the Second World War and is now recognized as a postindustrial region. This shift away from traditional industry to a more knowledge and information-driven economy has opened the region up to new opportunities and allowed it to thrive in an ever-changing global landscape.