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Roles government plays in affecting supply and demand

1. List and explain five ways that will foster innovation in the work place.

2. Explain in detail why the market system is the best kind of economic system for businesses to operate in.

3. From a purely economic point of view, what role, if any, should the government play in affecting the supply and demand of a key commodity such as gasoline or electricity? Explain

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1. List and explain five ways that will foster innovation in the work place.

Five ways to foster innovation:

1) Provide flexibility and authority to employees to think out of the box

2) Reward and recognize employees for thinking out of the box and coming out with new ideas.

3) Promote increased participation among the employees in critical business decisions. Seek their ideas and incorporate such ideas in decision making.

4) Promote effective two way communication at all levels.

5) Provide adequate resources, learning opportunities and challenging tasks to employees.

Another good source:

1. Explicit the assumptions: if you want to unlock innovation you should start by exposing the rules and behaviors inside your organization that might be hindering innovation in the first place. Often times more important than getting answers is asking the right questions. Keep in mind that outlining the "declared norms", the ones you will find in the mission statement and other official documents aiming to guide employee's behavior, is not enough. You will need to dig deeper and highlight the "hidden norms" governing how people think and act around there.

2. Challenge the assumptions: the second step is to challenge the outlined assumptions. Ask yourself "what if we decided to do the complete opposite?". If your company has traditionally focused on customer A ask "what if we start focusing on customer B instead?". If the new product development process is mainly inside the R&D department ask "what if we put production and sales people in charge ...

Solution Summary

This solution discusses five ways that will foster innovation in the work place, benefits of the market system and the role the government shoulp play in affecting the supply and demand of key commodities. This solution is 988 words.

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