Creation and Transfer of Knowledge: Institutions and Incentives
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Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them.
Institutions evolve in market economies to help individuals and groups accomplish their goals. Banks, labor unions, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and well enforced property rights, is essential to a market economy. Income for most people is determined by the market value of the productive resources they sell. What workers earn depends, primarily, on the market value of what they produce and how productive they are.
Entrepreneurs are people who take the risks of organizing productive resources to make goods and services.
Profit is an important incentive that leads entrepreneurs to accept the risks of business failure. Investment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living. ERP People respond to incentives in predictable ways. Choices are influenced by incentives, the rewards that encourage and the punishments that discourage actions. Profit, the reward for successful entrepreneurship, helps to allocate resources, including entrepreneurial talents, to their most highly-valued uses. Nations with institutions that encourage entrepreneurship also encourage the innovation that leads to economic growth and rising standards of living.
Download EFL Lesson 6 Guide Download Lesson 6 Slides Introduction This lesson uses examples, video clips and a risk-reward mini activity to teach the relationship between innovation and economic growth. Mini Activity Risk-Reward Currency Auction Objectives At the competition of this lesson students will be able to: Differentiate between invention and innovation. Provide examples of the costs and benefits of innovation.
Explain the relationship between innovation, productivity and economic growth.
Economic Value Creation
Explain the role of entrepreneurship in economic growth. Identify institutions that encourage entrepreneurship. Acting as consumers, producers, workers, savers, investors, and citizens, people respond to incentives in order to allocate their scarce resources in ways that provide the highest possible returns to them. Standard 9: Role of Competition Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy.
The introduction of new products and production methods by entrepreneurs is an important form of competition, and is a source of technological progress and economic growth. Standard Institutions Institutions evolve in market economies to help individuals and groups accomplish their goals. Property rights, contract enforcement, standards for weights and measures, and liability rules affect incentives for people to produce and exchange goods and services. Standard Income and Productivity Income for most people is determined by the market value of the productive resources they sell. To earn income, people sell productive resources.
These include their labor, capital, natural resources, and entrepreneurial talents.
Standard Profit and the Entrepreneur Entrepreneurs are people who take the risks of organizing productive resources to make goods and services. Entrepreneurs are individuals what are willing to take risks in order to develop new products and start new businesses. Tettra, for example, makes it easy for teams to document their knowledge on our platform and even connect to Slack, so communication and information are seamlessly joined together.
Just look at workforce development firm Educational Data Systems Inc. You can take the U. Ask those employees to record and organize their standard operating procedures before heading out.
This could include a rundown of their daily tasks, a collection of best practices, or insights for working with specific clients. I no longer had a resource for all of the things she or our two person department did, nor did I know the full scope of what she did. Prevent these mishaps by encouraging employees to document their knowledge along the way, or at the least, record their experiences before departing for another opportunity.
Institutional knowledge is the gift that keeps on giving. This knowledge can be used to create new training programs and inspire employees to remain engaged at work. Invite those retiring Baby Boomers to coach new employees and transfer their knowledge. Each staffer can create a profile and search among the network to find a mentor or mentee to pair with. It helps sixty-something veterans meet with twenty-something new recruits to pass on their knowledge through innovative exercises like stage plays and war games.
For sound and judicious management of the Fund, the Commission shall appoint a reputable government financial institution as portfolio manager of the Fund, subject to the following conditions. As administrator of the Fund, the Commission shall prepare the necessary guidelines for its use, subject to the following conditions:. No part of the seed capital of the Fund, including earnings thereof, shall be used to underwrite overhead expenses for administration;.
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Unless otherwise stipulated by the private donor, only earnings of private contributions shall be used for administrative expenses;. The Commission shall appoint and organize a separate staff, independent administratively and budgetarily separate from the Commission Secretariat; and. The Technical Panels. They shall assist the Commission in setting standards and in program and institution monitoring and evaluation. The technical panels shall be composed of senior specialists or academicians to be appointed by the Commission.
Guarantee of Academic Freedom. In particular, no abridgment of curricular freedom of the individual educational institutions by the Commission shall be made except for: a minimum unit requirements for specific academic programs; b general education distribution requirements as may be determined by the Commission; and c specific professional subjects as may be stipulated by the various licensing entities.
No academic or curricular restriction shall be made upon private educational institutions which are not required for chartered state colleges and universities. Tax Exemptions. The additional amount of Fifty million pesos P 50,, is hereby authorized to be appropriated out of the funds in the National Treasury not otherwise appropriated or out of the Philippine Amusement and Gaming Corporation PAGCOR funds for the initial operation of the Commission. The sum equivalent to the appropriations for the current year for the Bureau of Higher Education and the degree-granting-programs of the Bureau of Technical-Vocational Education, including those for higher and tertiary education and degree granting vocational and technical programs of the Bureau of Technical-Vocational Education in the regional offices, as well as parts of the budgetary items under the DECS budget that are concerned with higher and tertiary education and degree-granting vocational and technical programs such as those for personal services, maintenance and other operating expenses and capital outlay, shall be transferred to the Commission.
Thereafter, the funds necessary shall be included in the General Appropriations Act. Transitory Provisions. All regular or permanent employees transferred to the Commission shall not suffer any loss of seniority or rank or decrease in emoluments.
Knowledge Transfer Centres and Exploitation of IPR
Personnel of the Bureau of Higher Education not otherwise transferred to the Commission shall be reassigned by the DECS in any of its offices and bureaus: Provided, however, That, any employee who cannot be accommodated shall be given all the benefits as may be provided under existing laws, rules and regulations. Jurisdiction over DECS-supervised or chartered state-supported post-secondary degree-granting vocational and technical programs and tertiary institutions shall be transferred to the Commission.
The transitory body shall facilitate the complete and full operation of the Commission which shall not be later than three 3 months after the effectivity of this Act.
It shall likewise, promulgate the rules and regulations necessary to effectively implement the smooth and orderly transfer to the Commission. The transition period not exceeding three 3 months shall commence from the approval of this Act. Repealing Clause. Separability Clause.