You have been assigned the task of explaining why the study of economics is important for business. Discuss the concepts of economics, microeconomics, and macroeconomics.
What will be an ideal response?
Economics is the study of how a society chooses to utilize scarce resources (and almost all resources are scarce). All societies must answer the three basic economic questions. Microeconomics examines how individuals, and individual businesses make choices. Macroeconomics examines the big picture: the society as a whole to see how the economy is functioning.
You might also like to view...
Book value is another name for market value
Indicate whether the statement is true or false
If Ruben interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________
A) concentrated marketing B) trigger-based marketing C) undifferentiated marketing D) mass customization E) segmented marketing
The following sentence is grammatically correct: She is the fastest of the two data clerks
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Cost of holding the wrong products is a type of inventory-related cost. 2. Purchase costs are an example of holding costs. 3. A characteristic of stock-out costs is that they are directly related to setup costs. 4. Cycle stock is also referred to as base stock.