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Conflicts can be minimized by negotiating a collective agreement between union and management which both parties must follow.
Government Failure
Inefficiencies in resource allocation caused by problems in the operation of the public sector (government). Specific examples include the principal-agent problem, the special-interest effect, the collective-action problem, rent seeking, and political corruption.
Size and Scope
Refers to the scale of a business's operations and the breadth of its products, services, and market reach.
Invisible Hand
A concept introduced by Adam Smith to describe how individuals' self-interested actions can lead to positive outcomes for the society as a whole.
Economic Efficiency
A state where all resources are distributed in the most efficient manner possible to benefit each person or entity, thereby reducing waste and inefficiency to the minimum.
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