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In economics, the four factors of production (also called inputs of production) are the resources used to create goods and services (Samuelson & Nordhaus, 2009). These factors are: These factors are also called producer goods or services to distinguish them from the goods or services purchased by consumers (consumer goods). Four Factors of Production Examples […]

Bureaucratic theory explains the setup, operation, and management of organizations as formal, rational, well-organized, hierarchical systems. According to bureaucratic theory, organizations have well-defined rules and processes and focus on efficiency. They are characterized by task specialization, well-trained employees, a hierarchical structure, managerial dedication and impersonality. Max Weber (1864-1920), widely regarded as a founder of modern

Features refer to the core aspects of a product, person, service, or thing that make it identifiable and distinguishable from other things. One of the most common times we think about features is in marketing. Marketers and advertisers will promote the features of a product or service in order to differentiate it in the market

In communication theory, gatekeeping is the process through which information is filtered before it is disseminated. Gatekeeping is associated with exercising different types of power, such as selecting news, enforcing the status quo, mediating between different groups, brokering expert information, and so on (Barzilai-Nahon, 2009). Gatekeeping theory was first introduced by the social psychologist Kurt

Federalism is a mixed form of government that combines a central (federal) government with regional governments (provincial, state, territorial, etc.). Federalist nations divide power between the central government and the regional governments. Federalism was first adopted in the union of states during the Old Swiss Confederacy (Forsyth, 1981, p. 18), but several countries have federal

Street smarts refers to practical knowledge and skills that are often developed through intuition. These are the skills that help people effectively navigate schoolyard social situations, solve everyday life problems, and avoid social faux pas. People with street smarts may be very good at reading social cues, being aware of their social and physical surroundings,

Examples of metaphors for power include “power as a muscle that can be flexed and strengthened” and “power as a currency that can be traded and spent”. These metaphors can help us paint a picture of the nature of power and its role in our lives. Throughout history, writers have used creative metaphors to make

Self-determination is when a person makes their own decisions regarding their life and how it is managed. Decisions are guided by internal factors such as internal motivation, internal locus of control, and personal drive. External factors and pressures do not affect those choices. There is also a theory of human motivation called self-determination theory postulated

Cultural Universalism is the concept that values, concepts, and behaviors within diverse cultures can be examined, understood, and judged according to universal standards of right and wrong. It is the opposite of cultural relativism, which argues that you can’t judge one culture by another culture’s standards. Central to the theory of cultural universalism is the

The tertiary sector of the economy, also known as the service sector, provides services instead of finished products. The quaternary and quinary sectors are considered to be extensions of this sector. Services provided by the tertiary sector include attention, information, advice, access, experience, and affective labor. The tertiary sector fundamentally differs from the primary and