Question

explain briefly about the application of economic theory on modern business practices.​

Answer 1

Answer:

Applied economics is the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world. By better understanding the likely consequences of choices made by individuals, businesses, and policy makers, we can help them make better choices

Explanation:

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Answer 2

Explanation:

• Businesses can decide on pricing, operations, risk, investments, and production strategy by using economic theory through statistical approaches.
• The overall goal of managerial economics is to make company decision-making more effective and profitable.
• The use of economic theory to predict the probable outcomes of various real-world actionable options is known as applied economics.
• We can guide people to make better decisions by helping them better comprehend the likely effects of their decisions, whether they be made by individuals, businesses, or policymakers.
• The application of economic theory and methods to business is known as business economics or managerial economics. Making decisions is a part of the business.
• The process of choosing one course of action from two or more alternatives is known as decision-making.

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