Business Dictionary
What is Hierarchical Organization? Common, pyramid-like organization where one person is in charge of a functional area (engineering, finance, marketing) with one or more subordinates handling the sub-functions. In an hierarchical organization (whether business, military, political, or religious) higher levels imply greater superiority and domination than the lower ones, and the chain of command extends straight from the top to the bottom.
What is discovery? Pre-trial disclosure process during which several legal devices can be employed by any litigating party to obtain relevant non-privileged information from the opposing or non-opposing party/parties. These devices include depositions, examinations of witnesses, inspection of documents, and interrogatories. If any party is unwilling to cooperate, the court may subpoena the party or the documents, or (after failure to make discovery) dismiss the action or enters a summary judgment. What is normal profit? Minimum profit necessary to attract and retain suppliers in a perfectly competitive market (see perfect competition). Only normal profit could be earned in such markets because, if profit was abnormally high, more competitors would appear and drive prices and profit down. If profit was abnormally low, firms would leave the market and the remaining ones would drive the prices and profit up. Markets where suppliers are making normal profits will neither expand nor shrink and will, therefore, be in a state of long-term equilibrium. Normal profit typically equals opportunity cost.
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Hints & Tips
Save Energy & Money by Using Laptops
Laptops can be a bit more expensive to buy but they're much cheaper to run when it comes to energy costs. A laptop or notebook computer consumes around 90 percent less energy than desktop computers. You don't have to buy all new laptops; just replace as you go--and enjoy the savings on your energy bills.
New Year's Resolution: Get Mobile
If you want customers to find you in 2012, you must be found on the mobile web. Converting your business website to display and operate correctly on smartphones needs to be a top priority in 2012. If you don't know how to do this, get help.
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Nicolas Azar
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Nick Azar is Managing Director/Partner of Azar and Associates, a full service business consulting and executive coaching firm specializing in the dental industry. Visit our website, or E-mail Nick.
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