PES + motivational theories

Question 1

What is the elasticity of supply?

Answer 1

The effect of a change in price on the quantity supplies

Question 2

What is the equation for PES?

Answer 2

% change in quantity supplied divided by % change in price

Question 3

What type of elasticity is PES<1

Answer 3

Inelastic

Question 4

What type of elasticity is PES=1

Answer 4

Unitary

Question 5

What type of elasticity is PES>1

Answer 5

Elastic

Question 6

What are the determinants of PES

Answer 6

availability of substitutes and time (shorter time period = more difficult to switch production)

Question 7

What are Causes of shifts in supply

Answer 7

Cost of raw materials, better machinery, lack of labour, subsidies

Question 8

What is herzbergs theory of motivation?

Answer 8

There are two factors which can effect motivation hygiene and motivational factors

Question 9

What is a hygiene factor?

Answer 9

A factor which won’t motivate employees but will dissatisfy employees if they aren’t met

Question 10

What is a motivational factor?

Answer 10

Factors which will motivate employees

Question 11

What is an example of a hygiene factor?

Answer 11

Fair pay and clear policies

Question 12

What is an example of motivational factors?

Answer 12

Career advancement, recognition for hard work

Question 13

What did Maslow believe?

Answer 13

There’s a hierarchy of needs

Question 14

what is mazlows hierarchy of needs (ascending)

Answer 14

Physiological, safety,social and self actualisation

Question 15

what was mayo’s motivational theory?

Answer 15

He believed in social and environmental aspects to motivate employees

Question 16

what are the features of mayos theory of motivation that will increase motivation?

Answer 16

Exposure to light, heating and rest breaks

Question 17

What is an advantage of Mayo?

Answer 17

Social factors increase morale and staff retention

Question 18

What is a disadvantage of mayos theory?

Answer 18

Ignores impact of conflict

Question 19

what was Taylor’s theory?

Answer 19

You can use science to simplify job roles and in turn increase motivation

Question 20

What is the aim of Taylor’s theory?

Answer 20

Optimising work for efficient workforce

Question 21

What is the process of simplifying job roles?

Answer 21

Managers would break down the tasks and time how long each one took. They would then identify the fastest way and replicate the approach across the workforce

Question 22

What are advantages of Taylor’s theory?

Answer 22

Increases productivity and means you don’t need to pay for high skilled workers

Question 23

What are disadvantages of Taylor’s theory?

Answer 23

Unfulfilled employees and can create structural unemployment