Economics

what are the economic tool which help manager in decision making

The Market(consumers... through their decisions) does it.

Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.

Failure to understand the basic definitions is perhaps the most frequent cause of difficulty or failure when studying economics.

The government support entrepreneurs because they are valuable to the economy.

The cost of an alternative that must be forgone in order to pursue a certain action. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently.

They are tiny

when will a cost benefit analysis be done

most countries are governed by an elected board or council

countries' responsibilities can vary based on their locations

counties often manage institutions and services like jails, libraries, and courts

He begins abusing his wife and pet cat

They became culturally different from one another.

that they are witches in disguise.

considering whether companies or the government should make the goods.

capital

They organize resources to try to meet a society's wants and needs.

People try to fulfill both with limited resources.

People have unlimited wants and limited resources to fulfill them.

A designer who starts a new fashion company

A foreign country begins exporting the product in high volume.

An industrial assembly line

A doctor with expertise in medicine

A person who buys a new laptop doesn't have money to buy new

headphones.