As you know, our world is facing the financial crisis, so both consumers and producers have to find the good ways to restore the world's economy.
Tips #1: As a consumer
During the recession, the consumer's income in affected. They will earn less money than before and their company might get loss. So, if they want to ensure their household budget, they have to make a reasonable plan to use money. For example, each smokers spend $5 per day for cigarettes, so they will spend $5 x 30 days = $150 per month for this product. But with this $150, they can also buy many other things such as food, fuel for transportation or necessary goods. Consumers should control themselves and determine what they need and what they want. All smokers should wean themselves off cigarettes, so they can save large amount of money and use it for other things. Government also have to help people to treat them for cigarettes addiction by make some advertisements or slogans on the street. By this way, consumers can save money for themselves as a company reduce cost.
Tips #2: As a producer
All companies around the world are facing the financial crisis, so they have to try many ways to reduce cost but keep the productive constant or increase it. Some firms are thinking about cutting down the employee's salary. In my opinion, all of them have enough knowledge to understand that their company are having difficulties and the boss have to do it to keep the firm in stable condition. If the company reduce the number of their staffs, all of them will worry and cannot work as maximum productivity. If they keep going with the old number of staffs with a little bit lower salary, they can aware of what is happening and try to work as hard as they can to increase the productivity, so they can get higher wages.
Mai Anh Le 5Z
Tips #1: As a consumer
During the recession, the consumer's income in affected. They will earn less money than before and their company might get loss. So, if they want to ensure their household budget, they have to make a reasonable plan to use money. For example, each smokers spend $5 per day for cigarettes, so they will spend $5 x 30 days = $150 per month for this product. But with this $150, they can also buy many other things such as food, fuel for transportation or necessary goods. Consumers should control themselves and determine what they need and what they want. All smokers should wean themselves off cigarettes, so they can save large amount of money and use it for other things. Government also have to help people to treat them for cigarettes addiction by make some advertisements or slogans on the street. By this way, consumers can save money for themselves as a company reduce cost.
Tips #2: As a producer
All companies around the world are facing the financial crisis, so they have to try many ways to reduce cost but keep the productive constant or increase it. Some firms are thinking about cutting down the employee's salary. In my opinion, all of them have enough knowledge to understand that their company are having difficulties and the boss have to do it to keep the firm in stable condition. If the company reduce the number of their staffs, all of them will worry and cannot work as maximum productivity. If they keep going with the old number of staffs with a little bit lower salary, they can aware of what is happening and try to work as hard as they can to increase the productivity, so they can get higher wages.
Mai Anh Le 5Z
Since you use the example of smokers, often due to the addiction, the demand for smaoking is income and price inelastic, so one cannot easily wean themselves off smoking without strong willpower. Yes, a lot of firms look to reducing wages or giving no bonus in order to steer companies away from bankruptcy.
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