Conflict situations are an important aspect of the workplace. A conflict is a situation when the interests, needs, goals or values of involved parties interfere with one another. A conflict is a common phenomenon in the workplace. Different stakeholders may have different priorities; conflicts may involve team members, departments, projects, organization and client, boss and subordinate, organization needs vs. personal needs. Often, a conflict is a result of perception. Is conflict a bad thing? Not necessarily. Often, a conflict presents opportunities for improvement. Therefore, it is important to understand (and apply) various conflict resolution techniques.
Over the past decade, the Thai economy has experienced moderate
growth with stability. While the industrial sector has played a major role in production, the
agricultural sector remains a key source of income and a base for value added activities.
Very recently, the service sector has emerged as an additional engine of growth, while the
linkages between the domestic and international economies have resulted in many
economic activities, especially in trade and investment. Foreign direct investment has
remained critical factor for economic expansion
Explaining the Phillips curve
The curve suggested that changes in the level of unemployment have a direct and predictable effect on the level of price inflation. The accepted explanation during the 1960’s was that a fiscal stimulus, and increase in AD, would trigger the following sequence of responses:
An increase in the demand for labour as government spending generates growth.
The pool of unemployed will fall.
Firms must compete for fewer workers by raising nominal wages.
Workers have greater bargaining power to seek out increases in nominal wages.
Wage costs will rise.
Faced with rising wage costs, firms pass on these cost increases in higher prices.