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Why do you think knowledge of demand would be useful to an individual in business?
Wiki User
∙ 12y ago
Knowledge of a demand would be useful to an individual like yourself because that knowledge will allow you to meet the demand. If you are not sure what a person demands, you are unable to fulfill the demand.
Wiki User
∙ 10y ago
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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 are the scope and significance of business economics?
The scope of business economics include demand analysis and forecasting, capital management, profit management, pricing decisions, policies and practices and cost and production analysis. Some significance of business economics include incorporation of useful ideas from disciplines such as sociology and psychology and reaching a variety of business decisions in complicated environment.
What is the amount of Good or service that a that a consumer is willing to buy called?
Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.
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.
What Importance f law of demand?
It helps to Determination of price. The study of law of demand is useful for a trader to fix the price of a commodity. And also law of demand explains consumer choice behavior when the price changes.
Why is knwoledge of accounting concept and terminology useful to all individual engaged in business activities?
To Improve your knowledge and understanding of small business solution.
Why is a knowledge of accounting concepts and terminology useful to anyone in a business activity?
to improve your knowledge and understanding of small business solutions
Is a business administration class a good class?
Yes, you should definitely take business administration to be a business man. It will provide you with the knowledge and technical skills that are useful in the modern world in order to be a successful business man.
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.
When was Society for the Diffusion of Useful Knowledge created?
Society for the Diffusion of Useful Knowledge was created in 1826.
When was Boston Society for the Diffusion of Useful Knowledge created?
Boston Society for the Diffusion of Useful Knowledge was created in 1829.
What is the knowledge of Knowledge Management?
Knowledge Management refers to the process of creating, sharing, and managing knowledge within an organization to improve performance and achieve objectives. It involves tasks such as capturing, storing, and distributing knowledge, as well as promoting a culture of learning and collaboration. Effective Knowledge Management can lead to increased innovation, efficiency, and competitive advantage.
How useful is speaking Japanese in American jobs?
America does do a lot of business with Japan, so in some companies, it would be useful to speak Japanese, but in most companies, it doesn't come up. If you had a business that catered to Japanese tourists, then obviously a knowledge of Japanese would be tremendously useful. But for easily 99% of American businesses, Japanese is not used or needed.
What is one application of knowledge management software?
The main application of knowledge management software is to identify, share, distribute and reuse information for various purposes. It is mainly useful for business, small and large organizations to promote reuse and share knowledge among individuals.
Which is useful knowledge or wisdom?
Both :)
What jobs require a business degree?
Business Degrees are seen as courses that teach the structure of business to the individual. As with all degrees, they are seen as more useful than necessary. Example: If you had experience of starting your own business, as say an entrepreneur, you would have the working, practical knowledge of how a business works. This is considered by many to be better than the theoretical knowledge that a degree teaches. Additionally, a lot of degrees are classed as superficial - and many people who pass them are in fact not experts in a field. This means that employers will often look at the candidate for a job based on who they are and how intelligent they are - in the sense of how much they can still learn. Business degrees can be useful for everything from a clerical / administrative role all the way through to a Managing Director or Chief Executive Officer. Most companies require high-ranking executives to have business degrees at a high degree level (masters or doctorate).
