How to become a recession guru and stuff.

When economic times are bad, all of us would want to become a recession guru and try to spend the least money while being most productive or save the most money and get what we want. There are so many different ways to becoming a recession guru. These few years, there has been an economic recession and many people are complaining about it. The people who are the producers will be complaining about their real income getting lesser and the people who are consuming will be complaining about the quality and the amount of products that they are consuming.

Tips for reducing cost or increasing productivity as a consumer.

Firstly, always check for differences in the prices of goods and services offered. Do not just by the first thing you see straight away. Consider the opportunity costs which will occur. Be economically smart and do not buy luxury goods as they are not a necessity and you will be able to survive without it. For non-perishable goods, try to buy in bulk for necessity goods so that you will be offered a lower price and therefore be able to pay lesser for each good. However for perishable goods like milk, that will be a different case, as it might expire if you do not finish them before a certain period of time. Therefore an individual will need to know if buying in bulk would help him or her have lesser costs or have more costs. Choose goods which are at a discounted price but always remember to check for faults, as sometimes the goods might not be up to standard and that is the reason for the discount of the good. If the good has no faults besides being old, it causes no harm getting goods which are old but have the same effect as goods which are new which are priced at a higher price.

Tips for reducing cost or increase productivity as a producer.

Since there is a economic recession now, there might not be as much demand as before. When there is not much demand, there will be excess supply and with excess supply, the cost for production is not met and therefore the efficiency will decrease. To reduce this, a company can either retrench excess labour which is not needed. With excess labour, the company will need to pay the workers who are not being as efficient as they are not needed and therefore the costs of the company will rise. With excess labour retrenched, the company will not need to pay extra for the excess labour. The company might instead, ask the workers to take a certain amount of leave so that when the economy picks up, the workers will be able to come back to work immediately. This will help both the workers and the company as the workers will not lose their jobs permanently and the company will not be lack of workers. Meanwhile, while the workers are on leave, they can attend courses to promote their ability to work and in the future, become more capable and have a better job with a higher level of wage. The company might also carry out simple procedures to reduce their costs by reducing the amount of electricity and phone bills. However, having a better business will lead to a higher usage of electricity and phone bills so this idea might not be as useful for certain companies.

After having said all these, I hope that we can all become economically smarter and be able to overcome the recession without difficulties.


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