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Essay / Research Paper Abstract
This 10 page paper looks at the way in which economic can influence modern day businesses. The paper looks at the way that economics can be used by a business, to assess the environment and to make decisions. The paper summarizes concepts such as opportunity cost, the time cost of money and looks at the use of supply and demand for pricing decisions. The bibliography cites 2 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEmodecc.rtf
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Unformatted sample text from the term paper:
subject of economics this is a very broad subject. The first consideration is the way that subject is divided. The subject of economics is divided into to areas; the macroeconomic
environment and the microeconomic environment. The microeconomic environment is the smaller environment, this is the firm or organisation own environment and deals
with internal factors and factors over which the individual firm may have influence. This area considers issues such as price setting, revenues, wages and employment (Nellis and Parker, 2000
The macro environment is the larger environment, this is the wider environment over which the majority of firms not have any control and
influences which will impact on all firms. These include the wider social and economic conditions, such ass the rate of interest and inflation, the level of disposable income in an
economy will all be classified as macroeconomic factors (Nellis and Parker, 2000 Legal factors and political and central bank decisions are the
main direct influences on the microenvironment. In some cases a firm may be able to influence the wider environment, but this is rare and usually requires that they have
an effective monopoly, where there is only one firm, are or are acting in concert as part of an oligopoly, where a mall number of forms are dominant. OPEC is
a good example of an oligopoly that can influence the microenvironment, when they choose to change the supply levels of oil.
For the business, although there is little that can be dine to influence the microenvironment, understanding what occurs and how it occurs can help a firm plan their future strategy.
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