Write a Note on Kaizen

question 28

Essay

Write a note on Kaizen.

Identify the significance of emotion management and labour in professional and personal settings.

Understand how social norms and values structure interactions within various social contexts.

Recognize the importance of gender and cultural scripts in shaping social interactions and expectations.

Grasp the relationship between sociological theories and their application to understanding individual actions and societal patterns.

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Definitions:

Marginal-Cost Curve

A graph that shows the relationship between the marginal cost of producing an additional unit and the total quantity of the product produced.

Law of Diminishing

A principle stating that as more units of a variable input are added to fixed inputs, the additional output from each new unit of input eventually decreases.

Implicit Costs

The opportunity costs associated with a company's own resources, not directly paid for with cash but are the result of using assets instead of investing them elsewhere.

Economic Profit

The difference between total revenue and the total costs, including both explicit and implicit costs, unlike accounting profit which only considers explicit costs.