Lesson - 1 Business Economics- Meaning‚ Nature‚ Scope and significance Introduction and meaning : (Author : Dr. M.S. Khanchi) Business Economics‚ also called Managerial Economics‚ is the application of economic theory and methodology to business. Business involves decision-making. Decision making means the process of selecting one out of two or more alternative courses of action. The question of choice arises because the basic resources such as capital‚ land‚ labour and management are limited and
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Media As A Business Industry Media as a business industry implies a comprehensive collection of communication channels of different scales‚ engaged in varied commercial activities of disseminating news‚ entertainment‚ education‚ data‚ or promotional messages‚ for earning a profit. Not to seclude the marketing principles of creating‚ delivering and sustaining value. Where the people go‚ advertisers and marketers must follow. When the mass media is concerned there is a unique ability to influence
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The 1970’s was time of great change in american politics. The hyperconcentration of rewards at the top (winner-take-all economy) is the defining feature of the post 1970’s economy. Most growth since the later 1970s has gone to the richest Americans. The statistic that the authors use to prove this is that “If the economy grew at the same right as it did but if the inequality had not increased‚ then the average income of households would be $12‚000 higher” (24). Since 1980‚ America has moved away
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the Owners In order to best maximize their profits‚ the big fast food giant ’s created the franchise system. This system allows the companies to maintain overall control of the product‚ and give them a guaranteed rate of return‚ while at the same time allowing local owners to create a low-wage work force best suited to local conditions. For us‚ as workers‚ that means our immediate employers are often small business owners‚ and franchise owners who plead poverty when we demand higher wages. At
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Throughout history‚ economics have changed drastically. The Roaring 20’s and Great Depression defined our country‚ The United States‚ and impacted everyone differently. The Roaring 20’s‚ otherwise known as the Age of Intolerance‚ was an age of social and political change. It was only the beginning of many inventions that sent American into the modern age. America was very prosperous during the 1920’s‚ but Europe was still feeling the devastation from World War I and fell into an economic decline. America
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industrialization and new inventions gave rise to dramatic economic and political changes. For the first time‚ America was beginning to feel like a nation held together by similar beliefs and hobbies. During the 1920s‚ America had given rise to one of the most influential and meaningful times in our history‚ however‚ the dramatic rise also cultivated numerous problems that eventually led to a huge crash in our stock market. After WWI‚ American industry had flourished‚ as many postwar eras call for. Government
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Business Economics Questions: 1. Explain the subject matter of economics as question concerning the adjustments between unlimited want and limited resources. 1 & 2 2. Explain how Market/Price mechanism solves there central problems of economics 1 & 2 3. Explain why the price in competitive markets settles down the equilibrium intersection of supply and demand. Explain what happens if the market price starts out too high or too low. 3 4.Explain the economic meaning 0f price elasticity
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The sixties was the key to the door of success in the television industry. The television industry began to take off in the fifties‚ but never really got to its full potential. Our culture has been changed so much because of television. The 1960s were changed by the genres that made television popular‚ what the people liked about it so much‚ and how Tv became a booming buisness. Tv genres are the deciding choice of if people watch television. Westerns were a big part of the early sixties‚ but did
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Kyle Qualizza English 104 2/8/10 Gatorade One of the most dominating keys in today’s business world can easily be seen through the Gatorade Company. Their products have become extremely popular to the world‚ keeping their competition in the dust. Ordinary businesses struggle to retain their name on the board with this eminent company in the way‚ and for obvious reasons: excellent advertisement. Forty-five years have passed since the creation of this ultimate athletic drink‚ and Gatorade
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Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economics is the study of the ________ people make to attain their goals‚ given their ________ resources. A) decisions; household B) purchases; unlimited C) income; available D) choices; scarce 2) Which of the following is what economically rational people do? A) Respond to economic incentives. B) Weigh the benefits and costs of all possible alternative actions. C) Use all available information
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