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When you study individual markets or consumers?
When you study individual markets or consumers, this is known as thermodynamics. This evaluates the market scope and trends and is useful for making critical decision for the business.
What is the use of microeconomics in practical life?
There is absolutely no real practical use of it (at least in its form of a college course). Bunch of complicated equations to prove really very simple things you probably know by using common sense. In my opinion its use is to make econonomics seem like a real science, because it would all be too simple if it was all just explained with words and graphs. Microeconomics, in some other form could probably be useful as a guidance in decision making in business, its methods could be used to determine optimal solutions in certain situations, and to point out how to do some things more efficiently. However, that is the side of microeconomics I am yet to see, as I still have a couple of year until I graduate.
Why is weighing costs and benefits useful for decision makers?
Weighing the costs and benefits of a potential decision can help someone see all of the possible outcomes of that decision.
Money is useful to people because it is?
Money is a convenient tool for exchange, making it useful to people.
Why is the concept of price elasticity of demand potentially very useful for a business?
Role of price elasticity in business decision: See every producer has to decide the price of a product ar which he has to sell it.While deciding it,price elasticity of demand becomes important for him.If the demand of his productis less elastic,he will fix up a higher price or vice-versa. The concept of price easticity helps the producers` when they havetodetermine the price of jointlypouced goods. For example: oil and oil cakes are two joint goods.If the demand for oil is inelastic as compared to the demand for oil cakes,a higher price for oil is charged.
How can management accounts be useful for decision making?
Because Management Account is useful for the future and may be use for any business currency.
How is relevant costing useful in determining the good business decision making?
Relevant costing is important to good business decision making because it allows a company to price their goods and services for maximum sales. Without the ability to make sales, no business will survive.
When studying individual markets or consumers?
When you study individual markets or consumers, this is known as thermodynamics. This evaluates the market scope and trends and is useful for making critical decision for the business.
When you study individual markets or consumers?
When you study individual markets or consumers, this is known as thermodynamics. This evaluates the market scope and trends and is useful for making critical decision for the business.
How can a business use a balance sheet?
balance sheet is the financial statement prepared at the end of the year.it is very useful to a business concern to know its financial position of the firm and also comparison. balance sheet decides the shareholders entering and exit.it is useful to managers to prepare reports and improve the business by proper decision making
Why management information system useful to corporate business?
Because one of the references needed in decision making, may it be; to expand, to improve, to acquire, to drop or to position, is: accurate and reliable information.
Disadvantages of business research?
There are a number of disadvantages of business research. Some of the common ones include high cost of the research, most of them work on assumptions, people have to be hired for this task among others.
During which step of the decision-making process is it useful to use qualitative skills?
All of the above
What is the use of microeconomics in practical life?
There is absolutely no real practical use of it (at least in its form of a college course). Bunch of complicated equations to prove really very simple things you probably know by using common sense. In my opinion its use is to make econonomics seem like a real science, because it would all be too simple if it was all just explained with words and graphs. Microeconomics, in some other form could probably be useful as a guidance in decision making in business, its methods could be used to determine optimal solutions in certain situations, and to point out how to do some things more efficiently. However, that is the side of microeconomics I am yet to see, as I still have a couple of year until I graduate.
Two primary qualities that make accounting information useful for decision making are?
One quality that makes accounting good for decision making is the fact that it is reliable. Another reason accounting is good for decision making is the fact that the numbers have to be consistent, so it is easy to interpret.
Marginal costing is useful in?
Marginal costing is one of the technique of costing and is usefull for the decision making process. As in decision making process decision are always made for the future activities and not for past activities so if exept marginal costing any other costing method for example absorption costing method is used then there is a chance of making wrong decisions as in future decision making past decision and past data is not relevent for decision making.
What do you mean by Decesion Making as a key step in planning?
Decision making is the main task of the management function i.e. planning. without the decision making it is very tough to decide what to do and where is to do. Planning is just a blueprint of the future planning but decision making is not very easy task it is very wide in itself. In case of the lack of the decision making it is not possible to fulfill your planning. for the accomplished of the desire outputs perfect decision making is very necessary. In short, decision making is the primary function of the planning as well as useful for the maintain management.
