Definition Of Diversity Economy
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Economic diversity can refer to what companies have to offer as well.
Definition of diversity economy. Indeed decades of research suggest that intolerance hurts our well being and that individuals thrive when they are able to tolerate and. It takes time and a commitment to celebrate diversity. For diversity to bring strength it should be valued in the corporate philosophy. Demography geographical location and government policies can determine which products or services sell the best within the economy.
Diversification of an economy means that if one business falls and breaks the effect on the overall economy within the region will be minimized. Economic diversity is a multidimensional concept that includes the products workforce skills and capabilities in a local economy in addition to how well that economy is able to compete in the global marketplace according to economic modeling specialists intl. Having diversity among its economic goods can greatly improve a country s economic performance. More important it must be integrated into company practices.
While income is an important part of economic diversity the concept involves much. Workers must be open minded and non judgmental in order to truly understand how cultural diversity can impact the workplace and make it better. It happens more frequently to a particular group i e different groups may have dramatically different numbers. One of the primary benefits of diversification is that a diversified economy helps support multiple businesses within it.
Why should an economy be diverse. Diversity in economic structures relates for example to the relative importance of different economic activities for aggregate output.
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