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How are demand and supply related to economics?
Earlier I stated that economics is concerned with consumption and production. We can look at it in the terms of demand and supply. It is simply the quantity of a good buyers wish to purchase at each conceivable price. Three factors determine demand: Whilst supply is the quantity of good sellers wish to sell at each conceivable price.
What does economics have to do with money?
Economics has a lot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money.
What are the economic characteristics of an economy?
Economic conditions can be considered the economic characteristics that describe the state of an economy. Here it is on the state of people’s economy who is residing around the university. The are a number of signs that suggest this economic growth is not sustainable.
How is managerial economics used in decision making?
Answer-1 Managerial Economics is the application of economic concepts and economic analysis for making managerial decision making. Managerial economics is a branch of economics that applies micro economics in managerial decision making.
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