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The process of production and consumption is a matter of business and economics. It is a process in which limited productive resources are distributed among competing uses. The factors such as governments bring the coordination between one individual and another by making choices between resource uses and their mechanisms. Economics for business takes care of the way firms interact with the customers and how these affect their behavior.
Business and economics facilitates decision making and planning by management by integrating the economic theory with business practices. This applied microeconomics helps to take optimal business decisions. Forecasting is an important part of business economics since the taste of consumer is to be predetermined . Research is performed and the resources are accumulated so that future demads are met by means of production. Business and economics helps business firms to minimize the raised costs and increase the productivity . To do so, it deals with estimation of cost by performing cost analysis of the firms. Capital expenditure of an organization is planned and controlled by evaluatinf factors like return rate, best project selection, etc.
Techniques like inventory modeling, linear programming are the part of business and economics. The various theories consisting of objectives like maximization techniques are studied under economics for business.
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ECON 292B. Career Seminar: Economics and Business Economics
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