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Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. [ 2] It guides managers in making decisions relating to the company's customers, competitors, suppliers, and ...
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Theory of the firm. The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [ 1] Firms are key drivers in economics, providing goods and services in return for monetary payments and ...
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.
Labour economics, or labor economics, seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. [ 1][ 2] Because these labourers exist as parts of a social, institutional, or political system, labour economics must ...
The insider-outsider theory is a theory of labor economics that explains how firm behavior, national welfare, and wage negotiations are affected by a group in a more privileged position. [1] The theory was developed by Assar Lindbeck and Dennis Snower in a series of publications beginning in 1984. [1] [2] [3] Wages set by insiders [4] The ...
The platform economy is economic and social activity facilitated by platforms, typically online sales or technology frameworks. Platform businesses control an increasing share of the world's economy and sometimes disrupt traditional businesses. The most common type of platform economy centres around transaction platforms, also known as digital ...
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