by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Gibson’s Paradox?Gibson’s Paradox is an economic observation that posits that a positive correlation exists between the general price levels and nominal interest rates. This correlation has been observed over a long period of time. The Gibsons...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is the Indifference Curve?In economics, an indifference curve is a curve that shows the combination of two goods that give a consumer equivalent satisfaction and utility. This curve indicates that a consumer is indifferent about the two products since he derives...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
How to Organize a Team?After designing a team, it should be organized to maximize efficiency and effectiveness. Some of the common elements for organizing or managing a team include. Establish Roles – After selecting members of the team, these members must be...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
Designing Effective TeamsManagers often are charged with designing or bringing together a group of individuals to carry out a specific function. This is generally how formal groups begin. The manager must then do what is necessary to make certain the group reaches the...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are Team Roles?Historically, teams were thought to have two categories of roles: Task Roles Team Function Roles Extensive research on the topic has identified 10 key roles, categorizes as task, social, and boundary-setting roles: What are Task Roles? Contractor...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are Team Tasks?Teams differ in terms of the tasks they are trying to accomplish and the roles team members play.Classes of TaskJ. R. Hackman identified three major classes of tasks: Production Tasks – This means creating or delivering something, such as a...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are the Types of Teams?A team is generally understood to be a group that shares a common purpose and functions cohesively. As such, there are innumerable types of teams that arise within the many groups making up an organization. Teams serve any purpose required...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
Group Development as a Cyclical ModelThe five-stage model of group development is linear in nature. Some theorists believe that group formation is more dynamic cyclical in nature. While groups may pass through each of these stages, it is common that groups revert back...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are the Stages of Team Development?American organizational psychologist Bruce Tuckman proposed a four-stage map of group evolution, known as the Forming-Storming-Norming-Performing Model (1965). These stages are discussed below. What is Forming Stage? The forming...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
Theories for Group FormationVarious theories exist concerning the reason that informal groups arise. Several common theories are discussed below.What is Propinquity Theory? This theory says that individuals form informal social groups based upon their physical...
