TOPIC 1: PRODUCTION
OUTLINE OF THE TOPIC
1.1. The Concept of Production
1.2. Types of Production
1.3. Levels of Production
1.4. Importance of Production
1.5. Factors of Production And It’s Rewards
1.6. Land as a Factor of Production
1.7. Labour as a Factor of Production
1.8. Capital as a Factor of Production
1.9. Interpreneurship as a Factor of Production
1.10. The Rewards of Factor of Production
1.1. THE CONCEPT OF PRODUCTION
Production is the process of creating goods and services to satisfy human needs and wants. It involves
transforming raw materials into finished products or offering services that improve people’s lives.
For example:
— Farmers in Mbeya and Iringa grow maize, which is processed into flour.
— Factories in Dar es Salaam produce textiles from cotton grown in Shinyanga and Mwanza.
— The tourism sector in Zanzibar and Arusha provides services to both local and international
visitors.
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1.2. TYPES OF PRODUCTION
Production can be classified into direct production and indirect production based on how goods and
services are created and used.
1. DIRECT PRODUCTION
Direct production refers to a situation where an individual or a family produces goods and services for
personal consumption rather than for sale or trade. It is also called subsistence production because the
producer consumes what they produce.
CHARACTERISTICS OF DIRECT PRODUCTION
1. Goods and services are not for sale
The producer consumes what they produce. For examples, a farmer in Mwanza growing maize only
for family consumption.
2. It is usually a small-scale production
Usually involves small amounts of output, using limited resources. For example, a family in Tanga
weaving baskets for home use.
3. Use of traditional methods
Relies on simple tools and techniques, often passed down through generations. For example, a Maasai
herder using traditional methods to rear cattle.
4. Self-sufficiency
People depend on their own production for survival, reducing reliance on the market. For example,
a fisherman in Zanzibar catching fish to feed his household.
2. SECONDARY PRODUCTION
This level involves processing raw materials from the primary sector into finished or semi-finished products.
It includes manufacturing and construction industries.
Examples:
— Manufacturing:
• Cotton from farms is processed into fabric and used to make clothes.
• Timber from forests is turned into furniture.
• Iron ore from mines is refined into steel for making buildings and cars.
— Construction:
• Building houses, roads, bridges, and other infrastructure.
3. TERTIARY PRODUCTION
This level involves the provision of services that support primary and secondary production, as well as
direct services to consumers.
Examples:
— Transport: Trucks transport farm produce to markets.
— Banking: Banks provide loans to farmers and businesses.
— Retailing: Shops sell finished goods like clothes, electronics, and food items.
— Education: Teachers provide knowledge and skills.
— Tourism: Hotels, tour guides, and airlines serve tourists.
1.4. IMPORTANCE OF PRODUCTION
Production is very important because it helps people, businesses, and the country grow. Here are some
reasons why production matters:
1. Satisfies human wants and needs
Production helps create the goods and services people need and use every day, such as food, clothes,
houses, and transport services. Without production, these things would not be available, and life
would be very difficult.
2. Creates employment opportunities
Production activities generate jobs in various sectors, reducing unemployment and poverty. For
example, the tea plantations in Iringa employ thousands of workers in farming, processing, and
distribution.
3. Increases government income
When businesses produce goods and services, they pay taxes to the government. The government
collects taxes from factories, farms, companies, and workers. This money is used to provide important
public services such as building schools, roads, hospitals, and supplying clean water.
4. Facilitates trade and foreign exchange earnings
If a country produces more goods than it needs, it can sell them to other countries and earn foreign
money. This is called exporting. For example: Tanzania exports cashew nuts, coffee, and cloves from
Zanzibar, earning income from international markets.
5. Improves living standards
When businesses produce more goods and services, they become cheaper and more available. This
helps people afford the things they need, improving their quality of life.
6. Promotes technological advancement
Businesses invest in technology and innovation to improve production efficiency and product quality.
For example, the use of modern irrigation systems in Kilimanjaro improves agricultural output.
7. Supports government revenue through taxes
Businesses and individuals engaged in production pay taxes, which fund public services like education
and healthcare. For example, companies like Tanzania Breweries Ltd (TBL) contribute to government
revenue through corporate taxes.
8. Reduces dependence on imports
A country that produces more can rely less on imports, saving foreign exchange and promoting self-
sufficiency. For example, the production of textiles in Mwanza reduces the need to import clothes
from abroad.
9. Enhances resource utilization
Production ensures efficient use of land, labour, and capital, preventing waste of natural resources.
For example, the fishing industry in Lake Victoria utilizes water resources to supply fish to local and
export markets.
1.5. FACTORS OF PRODUCTION
Factors of production are the resources used to produce goods and services. They are the basic inputs
required for economic activities. Without these resources, production would not be possible.
There are four main factors of production:
1. Land – Natural resources used in production.
2. Labour – Human effort (physical and mental) used in production.
3. Capital – Man-made tools, machines, and money used to produce goods and services.
4. Entrepreneurship – The ability to organize the other three factors to start and manage a business.
1.6. LAND AS A FACTOR OF PRODUCTION
Land refers to all natural resources that are used in the production of goods and services. It includes soil,
minerals, forests, rivers, and climate—everything provided by nature that is useful in production. Unlike
other factors, land is a free gift of nature.
FEATURES OF LAND AS A FACTOR OF PRODUCTION
1. Free gift of nature
Land is not created by human effort; it is naturally available. For example, Tanzania’s fertile land,
rivers, and minerals were not made by humans but exist naturally.
2. Fixed supply
The quantity of land is limited—it cannot be increased or decreased. Although its use can change
(e.g., farmland turning into urban areas), the total land available remains the same.
3. Variation in quality
Different regions have different land qualities. Some areas have fertile soil (e.g., Ruvuma and Mbeya
for maize farming), while others are dry and less productive (e.g., Dodoma).
4. Passive factor of production
Land alone cannot produce anything—it needs labour, capital, and entrepreneurship to be useful.
For example, a gold mine in Geita requires miners, machines, and investors to extract gold.
5. Can be used for different purposes
The same piece of land can be used for farming, construction, tourism, or mining, depending on
economic needs.
6. Value depends on location and use
Land in Dar es Salaam city center is more valuable than land in a remote rural area. Also, land used
for commercial purposes has more value than idle land.
7. Subject to diminishing returns
If land is overused without proper management, its productivity declines. For example, continuous
farming without fertilization leads to soil exhaustion.
8. It is immobile
Immobility of land refers to the inability of land to move from one place to another. Unlike other
factors of production such as labor or capital, land is fixed in location and cannot be transported or
relocated.
1.7. LABOUR AS A FACTOR OF PRODUCTION
Labour refers to human effort—physical or mental—used in the production of goods and services. It
includes workers, employees, and professionals who contribute their skills, energy, and time to economic
activities. Unlike land, which is a natural resource, labour depends on human effort and skills.
For example,
— a farmer in Morogoro cultivating maize,
— a teacher in Dar es Salaam educating students, and a
— fisherman in Zanzibar catching fish are all engaged in labour.
TYPES OF LABOUR
Labour is classified into three main types:
A. Skilled labour
B. Unskilled labour
C. Semi-skilled labour
A. SKILLED LABOUR
This type of labour requires special training, education, or experience. Skilled workers perform complex
tasks that demand expertise. Examples of skilled labour includes, doctors and nurses, engineers, teachers
and lecturers and pilots.
B. UNSKILLED LABOUR
This involves workers who perform manual or physical work without requiring special training. They rely on
physical effort rather than specialized skills. Examples unskilled labour includes farm workers, fishermen,
construction workers and porters.
C. SEMI-SKILLED LABOUR
Semi-skilled labour refers to workers who have some training or experience but do not require advanced
education or expertise. They perform tasks that need basic technical skills, often gained through short-term
training or on-the-job experience.
Examples of semi-skilled labour includes,
— factory workers,
— construction workers,
— drivers,
— food service workers,
— machine operators,
— retail assistants,
— warehouse workers and
— security guards.
FEATURES OF LABOUR AS A FACTOR OF PRODUCTION
1. Labour is the most mobile factor of production
Mobility of labour refers to the ability of workers to move from one job, industry, or location to
another in search of better opportunities or improved working conditions. Labour mobility can be
either
a) Geographical mobility, where workers move from one place to another, or
b) Occupational mobility, where workers change their profession or skillset.
2. Labour cannot be stored
Unlike capital (machines, money), labour cannot be stored for future use. A day lost at work cannot
be recovered, making effective time management crucial.
3. Labour cannot be separated from the labourer
A labourer is the one who contributes their energy, skills, and time to any productive activity, making
it impossible to separate the concept of labour from the person who performs it (Labourer). For
example, a teacher provides labour through their teaching effort, and that effort is inseparable from
him/her.
4. Labour Productivity Varies
Some workers are more productive than others due to skills, training, and motivation. A highly
trained engineer at TAZARA Railway is more productive than an unskilled road construction worker.
5. Labour Requires Motivation
Workers perform better when given good wages, job security, and a comfortable working environment.
For instance, companies in Tanzania offer housing, transport, and bonuses to increase worker
productivity.
6. Labour can be technologically dependent
This is because the efficiency and productivity of workers often rely on the tools, machines, and
technology they use. For example, farmers in Tanzania using modern tractors and irrigation systems
can produce more crops than those relying on traditional farming methods.
SPECIALIZATION AND DIVISION OF LABOUR
SPECIALIZATION
Specialization occurs when individuals, businesses, or countries focus on producing a specific good or
service rather than making everything themselves. This improves efficiency, quality, and productivity.
For example:
— In a bakery, one worker specializes in baking cakes, another in decorating them, and another in
handling sales. This ensures better quality and faster service.
— Tanzania specializes in producing coffee and exports it to other countries, while importing cars from
Japan, which specializes in automobile manufacturing.
DIVISION OF LABOUR
Division of labour happens when a production process is broken down into smaller tasks, and each worker
focuses on a specific task. It increases efficiency, reduces errors, and speeds up production.
For example:
— In a restaurant, the chef cooks, waiters serve customers, and cashiers handle payments. This allows
smoother operations and better customer service.
Specialization leads to division of labour. When people or businesses specialize in a specific skill, the
production process is divided into tasks, with each person handling a specific role.
ADVANTAGES OF SPECIALIZATION AND DIVISION OF LABOUR
1. Increased productivity
Workers become skilled in a specific task, leading to faster and more efficient production. For
example, in a textile factory, one worker specializing in cutting fabric and another in stitching speeds
up production.
2. Improved quality
Specialization allows workers to perfect their skills, resulting in higher-quality products. For instance,
a tailor who specializes in suit-making produces better suits than a general tailor.
3. Efficient use of resources
Countries and businesses can focus on what they do best, reducing waste and maximizing output.
For example, Tanzania focuses on coffee production while importing electronics from China.
4. Lower production costs
Mass production through division of labour reduces costs, making goods more affordable. For
instance car manufacturers produce vehicles more cheaply using assembly lines.
5. Encourages innovation
Experts in a field develop new techniques and better methods to improve efficiency. For instance,
software developers specializing in AI create better applications.
DISADVANTAGES OF SPECIALIZATION AND DIVISION OF LABOUR
1. Monotony and boredom
Repeating the same task daily can make work dull and reduce motivation. For example, a worker in a
shoe factory stitching only soles may lose interest over time.
2. Overdependence on others
If one specialist fails, the whole process may slow down or stop. For example, if a mechanic in a car
assembly plant goes on strike, production delays occur.
3. Job Insecurity
Workers with highly specialized skills may struggle to find jobs if their industry declines. For example,
a typewriter repair specialist may become jobless due to the rise of computers.
4. Lack of flexibility
Specialized workers may find it difficult to adapt to new tasks. For example example, a worker trained
only in welding may struggle to switch to electrical work.
5. Unequal economic development
Some regions may develop faster than others due to specialization, creating economic imbalance. For
example, cities with industries grow rapidly, while rural areas may lag behind.
1.8. CAPITAL AS A FACTOR OF PRODUCTION
Capital refers to man-made resources used in the production of goods and services. Unlike land, which is
a natural resource, capital is created by humans to assist in production. It includes money, tools, machinery,
buildings, and equipment used to produce goods and services.
FEATURES OF CAPITAL AS A FACTOR OF PRODUCTION
1. Man-Made Resource
Unlike land, which is a natural resource, capital consists of human-made tools, machines, buildings,
and equipment used in production.
2. Used to produce other goods
Unlike land, which exists naturally, capital is used to create more goods and services (e.g., a printing
machine is used to produce books).
3. Can be increased or decreased
Unlike land, capital can grow through investment. Businesses can buy more machines to expand
production.
4. Depreciates over time
Capital goods wear out or become obsolete with time (e.g., old machines need repairs or replacement).
5. Requires initial investment
Capital is created through investment in machinery, tools, and infrastructure, requiring financial
resources to accumulate. For example, buying buses for public transport.
6. Improves Productivity
Capital increases efficiency in production. For example, a farming tractor allows farmers to cultivate
more land than using traditional hand tools.
7. Mobile and Transferable
Capital can be moved from one location or use to another, such as transferring machinery from one
factory to another.
1.9. INTERPRENEURSHIP AS A FACTOR OF PRODUCTION
Entrepreneurship refers to the ability to organize and manage the other factors of production (land,
labour, and capital) to create goods and services while taking financial risks. Entrepreneur is a person who
organizes the other factors of production.
FEATURES OF ENTREPRENEURSHIP AS A FACTOR OF PRODUCTION
1. Innovation and Creativity
Entrepreneurs develop new products, services, or business models to stay competitive. For example,
The Zanzibar spice tourism industry attracts tourists through innovative cultural experiences.
2. Risk-Taking
Entrepreneurs invest their own money and time, accepting the possibility of loss. For example, a
person starting a coffee export business in Kilimanjaro risks financial loss if prices drop.
3. Decision-Making Ability
Entrepreneurs make key business decisions regarding production, marketing, and investment.
For example, a Dar es Salaam supermarket owner decides which suppliers to buy from and which
products to stock.
4. Resource Organization
Entrepreneurs combine land, labour, and capital efficiently to run a business. For example a fishing
business in Zanzibar needs boats (capital), fishermen (labour), and the ocean (land).
5. Profit Motivation
Entrepreneurs aim to maximize profits by producing efficiently and meeting market demands. For
example, a sunflower oil producer in Dodoma looks for ways to reduce production costs and increase
sales.
6. Flexibility and Adaptability
Entrepreneurs adjust to market trends and economic changes. For instance, during the COVID-19
pandemic, many entrepreneurs in Tanzania shifted to online businesses.
7. Contribution to Economic Growth
Entrepreneurship creates jobs, increases tax revenues, and boosts industrial development. For
example: The growth of small businesses in Kariakoo Market provides employment to many
Tanzanians.
1.10. THE REWARDS OF FACTOR OF PRODUCTION
The rewards of factors of production refers to the income or payment received by each factor for its
contribution to the production process. Since production requires land, labor, capital, and entrepreneurship,
each factor earns a specific type of income as compensation for its role.
1. Reward for Land is Rent
Land earns rent, which is the payment made for using natural resources such as land, forests, and
minerals. For example, businesses pay rent for office spaces or farmland.
2. Reward for Labour is wages or salaries
Labor receives wages or salaries, which compensate workers for their physical or mental efforts.
Skilled professionals, factory workers, and service providers all earn wages based on their work.
3. Reward for Capital is Interest
Capital generates interest, which is the return earned by those who invest in tools, machines, or
money used in production. Banks and investors, for instance, earn interest when they lend money to
businesses
4. Reward for Entrepreneurship is Profit
Entrepreneurship earns profit, which is the financial gain after covering all production costs. Business
owners take risks, organize resources, and manage operations to generate profit.
[4/5, 11:08] Testme:
DISADVANTAGES OF DEFERRED PAYMENT
TO THE BUYER:
1. Debt accumulation
Relying too much on deferred payments can lead to piling debts that are hard to manage. For example,
a small shopkeeper buys goods on credit from multiple suppliers and later struggles to repay all of
them at once.
2. Interest or penalties
Some sellers add interest or late payment penalties, increasing the total cost of the item. For example,
a buyer who delays payment on a deferred agreement pays an additional 10% penalty.
3. Loss of discounts
Cash buyers often receive discounts, which deferred payment buyers may miss. For example, a retailer
who pays immediately gets a 5% discount, while the credit buyer pays the full price.
4. Risk of legal action
Failure to meet payment deadlines may lead to legal action or bad credit records. For instance, a
business that defaults on a deferred payment contract may be sued by the supplier.
5. Overdependence on credit
Relying on credit may discourage financial discipline and saving. For example, a small business
continually buys goods on credit and struggles with cash flow due to constant repayments.
TO THE SELLER:
1. Delayed cash inflow
The seller does not receive payment immediately, which may affect their own operations. For example,
a supplier waits 60 days to receive payment, while needing cash to restock.
2. Risk of default
Some buyers may fail to pay, leading to financial loss. For instance, a seller supplies goods on credit
to a customer who later disappears or refuses to pay.
3. Increased administrative work
Managing deferred payment accounts requires extra record-keeping and follow-up. A business must
hire staff to track credit accounts and remind customers of due dates.
4. Bad Debts
If buyers don’t pay, the seller may write off the amount as a bad debt. A seller loses TZS 300,000
after a customer fails to repay a deferred amount.
5. Limited capital for reinvestment
Tied-up funds reduce the ability to invest in new stock or expand the business. For example, a seller
cannot buy new products because too much money is tied in unpaid invoices.
2.3. MICROFINANCE AND COOPERATIVES
MICROFINANCING
Microfinancing refers to the provision of small loans, savings, and other financial services to individuals
or small businesses who do not have access to traditional banking services. These services are typically
targeted at low-income people or those living in poverty, often in developing countries.
Microfinancing is usually offered by microfinance institutions (MFIs), and the loans are typically small,
with relatively low or no interest rates. Additionally, these loans often come with flexible repayment terms.
Examples of the most common microfinance institutions in Tanzania, include the following:
— PRIDE Tanzania
— FINCA Microfinance Bank (T) Limited
[4/5, 11:09] Testme:
— VisionFund Tanzania Microfinance Bank
— Enabel (through local programs)
— Selfina (Sero Lease and Finance Ltd) Tujijenge Tanzania
— ECLOF Tanzania
— AccessBank Tanzania
— Bayport Financial Services
— Maendeleo Bank
— Yetu Microfinance Bank PLC
— Umoja Microfinance
— Village Community Banks (VICOBA)
— BRAC Tanzania Finance Limited
— Wazalendo Savings and Credit Cooperative Society (SACCOS)
— National Microfinance Bank (NMB) – through micro-loan products
ADVANTAGES OF MICROFINANCING:
1. Financial Inclusion
Microfinancing provides access to financial services for individuals who are typically excluded from
traditional banking systems, such as low-income earners, rural populations, and women.
2. Empowerment of women
Microfinance programs often target women, helping them become financially independent, start
businesses, and improve their families’ living standards.
3. Promotion of entrepreneurship
By providing small loans, microfinancing encourages entrepreneurship, allowing individuals to start
or grow their own businesses. For example, a young entrepreneur starts a small shop selling groceries
with a microloan, leading to a sustainable source of income.
4. Poverty reduction
Microfinancing helps to break the cycle of poverty by providing low-income individuals with the
financial resources needed to improve their livelihoods. For example, a small business owner can use
a microloan to buy more inventory, increasing their income and improving their living conditions.
5. Job creation
Microfinance fosters the growth of small businesses, which in turn can create jobs for others, helping
to reduce unemployment in low-income areas. For example, a small tailoring business that received a
microloan hires additional workers to meet the demand for its services.
6. Flexible loan terms
Microfinance institutions often provide flexible repayment schedules and smaller loan amounts,
making it easier for borrowers to manage their payments based on their income or business cycle.
7. Improved access to education and healthcare
With increased income from microloans, individuals may be able to afford education for their
children or access healthcare services that would otherwise be out of reach. For example, a woman
running a small business uses part of her earnings to pay for her children’s school fees, improving
their future prospects.
8. Promotion of local economies
Microfinance stimulates local economies by supporting small businesses, which then contribute to
local development and the overall economic growth of the region.
DISADVANTAGES OF MICROFINANCING
1. High-Interest Rates
Some microfinance institutions charge high-interest rates on loans, which can be difficult for
borrowers to repay, especially if their businesses don’t perform as expected.
[4/5, 11:11] Testme: 2. Risk of over-indebtedness
Borrowers may take out multiple microloans from different institutions to meet their needs, leading
to the risk of accumulating excessive debt that is difficult to manage.
3. Limited loan size
The small size of microloans may not be sufficient for borrowers looking to significantly grow or
expand their businesses, especially in sectors that require large capital investments.
4. Pressure to repay
The pressure to repay loans, sometimes with rigid schedules, can strain borrowers who may face
challenges in generating steady income, especially in the early stages of their businesses.
5. Lack of financial literacy
Some borrowers may not fully understand the terms and conditions of the loan, leading to poor
financial decisions or defaults.
6. Dependency on microloans
Repeated reliance on microloans can create dependency, rather than encouraging the development
of sustainable, self-sufficient businesses.
7. Limited support beyond loans
Microfinance institutions often provide loans but may not offer additional support, such as business
training or financial counseling, leaving borrowers to manage the challenges of business growth on
their own.
COOPERATIVES
Cooperatives are voluntary associations or organizations formed by individuals or businesses with common
interests or goals. These organizations are typically owned and operated by their members, who share in the
profits, decision-making, and risks.
Cooperatives can operate in various sectors, including agriculture, retail, finance, housing, and healthcare.
Examples of cooperatives in Tanzania includes:
— Tanzania Farmers Association (TFA)
— Tanzania Coffee Growers Association (TCGA)
— Tanzania Dairy Cooperative Societies
— Tanzania Sugar Cane Growers Association (TASGA)
— Tanzania Co-operative Bank (TCB)
— Tanzania Cashew Nut Cooperative Union (TCNCU)
— Mbozi District Cooperative Union
— Sumbawanga Co-operative Union
— Kilimanjaro Co-operative Union (KCU)
— Mwanga District Cooperative Union
— Central Zone Coffee Cooperative Union (CEZCO)
— Mtwara Cashew Nut Cooperative Union (MCCU)
— Savings and Credit Cooperative Societies (SACCOS)
ADVANTAGES OF COOPERATIVES FOR SMALL BUSINESSES:
1. Access to credit and financial services
Cooperatives often provide loans or credit facilities to members, helping them finance their businesses.
For example, a farmer can access a loan from a cooperative to buy seeds or tools.
2. Bulk purchasing power
Members of a cooperative can pool their resources to purchase goods in bulk, reducing costs and
increasing their bargaining power. For example, a group of small shopkeepers buys wholesale goods
through their cooperative to get better prices.
[4/5, 11:12] Testme: 3. Risk sharing
By being part of a cooperative, members can share risks, reducing individual exposure to financial
loss. For example, several farmers in a cooperative share the financial risk of crop failure, reducing
the burden on any one individual.
4. Market access and networking
Cooperatives can help small businesses access larger markets through collective branding and
distribution. For example, a group of local artisans sells their products collectively under the
cooperative’s brand, gaining access to wider markets.
5. Training and capacity building
Cooperatives often provide business training, skills development, and education to members, helping
them improve their business practices.
6. Profit sharing
Members of a cooperative share in the profits based on their contribution, which provides a financial
incentive to be part of the cooperative.
7. Legal and political support
Cooperatives often advocate for their members at local or national levels, providing legal and political
support.
8. Enhanced social capital
Cooperatives promote a sense of community and social solidarity among members, helping them to
build stronger relationships and collaborate effectively.
DISADVANTAGES OF COOPERATIVES FOR SMALL BUSINESSES
1. Limited access to capital
Cooperatives may face challenges in raising large amounts of capital, as they rely mostly on members’
contributions.
2. Slow decision-making process
In cooperatives, decisions are often made collectively, which can lead to delays and inefficiencies. For
example, a cooperative might take longer to decide on new business opportunities because of the
need for consensus among all members.
3. Risk of Conflicts Among Members
Differing opinions, interests, and business practices among members can lead to conflicts, which can
disrupt operations. For example, farmers in a cooperative might disagree on how to divide profits,
causing tension within the group.
4. Limited Management Expertise
Cooperatives may lack professional management or experience in handling business operations,
affecting their efficiency. For example, a cooperative may struggle to scale its business effectively due
to a lack of experienced managers or strategic planning.
5. Unequal benefits
Members with more resources or expertise might benefit more than others, leading to inequality in
the distribution of profits and resources.
6. Potential for Mismanagement
Cooperatives often depend on elected members for leadership, which can lead to mismanagement if
those in charge lack experience. For example, poor decision-making by cooperative leaders can result
in financial losses or a decline in the cooperative’s performance.
7. Limited flexibility
Cooperatives are often more rigid due to their rules, regulations, and collective decision-making
processes, which can limit business adaptability. For example, a cooperative may not be able to
quickly adapt to market changes or opportunities because of its slow decision-making process.
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