discuss the importance of economics in business management
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Answer:
Economics is important because it helps people understand how a variety of factors work with and against each other to control how resources such as labor and capital get used, and how inflation, supply, demand, interest rates and other factors determine how much you pay for goods and services
Helpful in Profit Planning and Control
Managerial economics helps managers to decide on the planning and control of the benefits. Managerial Economics is synchronized between the planning and control of any institution or firm and hence its importance increases. Thus, It plays a huge role in business decisions.
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Answer:
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Managerial economics helps managers to decide on the planning and control of the benefits. Managerial Economics is synchronized between the planning and control of any institution or firm and hence its importance increases
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