to determine whether they are making a profit or loss. by determining the pricce elasticity of demand they can make optimum choices on whether to increase or decrease the price.
it also helps to use the available production resources in an effective and most limited way.
to predict future
the study of economics is important because with out it we wouldnt have undersant the impact of develoment in business
The term business economics is used in different ways. Sometimes it is used synonymously with industrial economics/industrial organization, managerial economics, and economics for business.
It is important to study economics so that you understand the market. You need to understand why you pay what you do for the things you value.
Economics are important because understanding them helps managers make decisions. The more managers understand economics, the better they will be at pricing products and offering salaries to their employees.
Business and economy are closely related terms. Business is something that people do to achieve some desired ends, which could be money, personal satisfaction, spiritual satisfaction so on and so forth. What ever the business do has its effect on the economy, for it is impossible to run a business without money. Economic environment is a very important factor in business, it is this one that prompts or stop a man from beginning or continuing his business.
yes, it is important to learn economics because it is also one of the main subjects as well
Economics explain the movement of money in the business world. It explains why people buy and sell and other important things like supply and demand.
the study of economics is important because with out it we wouldnt have undersant the impact of develoment in business
interface of economics to business
Erik Angner has written: 'A course in behavioral economics' -- subject(s): BUSINESS & ECONOMICS / Economics / General, BUSINESS & ECONOMICS / Decision-Making & Problem Solving, BUSINESS & ECONOMICS / Economics / Microeconomics, BUSINESS & ECONOMICS / Economics / Theory, Economics, Psychological aspects, PSYCHOLOGY / Industrial & Organizational Psychology
The term business economics is used in different ways. Sometimes it is used synonymously with industrial economics/industrial organization, managerial economics, and economics for business.
It is important to study economics so that you understand the market. You need to understand why you pay what you do for the things you value.
Howard Nicholas has written: 'Marx's theory of price and its modern rivals' -- subject(s): Prices, Microeconomics, BUSINESS & ECONOMICS / Economics / Theory, Marxian economics, BUSINESS & ECONOMICS / Economics / Comparative, BUSINESS & ECONOMICS / Economics / Macroeconomics
Economics are important because understanding them helps managers make decisions. The more managers understand economics, the better they will be at pricing products and offering salaries to their employees.
Small Business Economics was created in 1989.
Statistics is very important in business and Economics because it helps businesses make informed and accurate decision based on certain trends. It helps the planning and production process.
Explain the nature & scope of business economics.