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Economics is the study of how populations, businesses and individuals use money and other resources to produce wealth. Understanding basic concepts of economics is important to local, state and federal governments, as well as organizations affected by them.
Professionals in economics and business also need to know how economics works to advise clients, companies and students in academic settings.
Resource Utilization A major component of economics is the way in which a community or business uses available resources. Financial budgets, for instance, involves prioritization decisions on where to invest limited monetary resources. Manufacturing companies must figure out how to best use equipment, labor and materials to develop goods in the most efficient way.
Decisions on how to preserve natural resources in the environment in production processes is another resource-utilization concern. Scarcity and Choice Scarcity and choice are closely related economics concepts. Scarcity refers to a condition in which consumers have limited access to goods and services they desire.
This may result when a country has low supplies of a natural resource. When supplies are scarce, gasoline prices rise. Choice is essentially a contrasting scenario in which consumers have access to a number of close alternatives to meet a need.
This may result when companies produce competing options to meet a given need. Supply and Demand A major theme in economics is the law of supply and demand. This is the recognition that an increase in price typically leads to lower customer demand when all other factors remain steady.
Similarly, increased demand relative to supply normally drives prices higher. Companies try to find equilibrium price points when marketing products. This is the point at which supply and demand are equal, which creates the optimal price for revenue and profit maximization.
Economies of Scale Economies of scale refers to the ability of economic systems to minimize the costs of production or resale by optimizing production or operational efficiency. In manufacturing, for instance, a business is normally more efficient when it has one order to make widgets from the same piece of equipment than when it has five separate orders of widgets over time.
Similarly, a reseller usually gets a better unit price when it orders large quantities of goods from suppliers at a given time. Allocation and Distribution Allocation refers to the amount of given resources used in certain areas of production.
Again, companies allocate certain financial resources to functional business activities based on the expected value to the company and its customers.
Distribution is the use of transportation and logistics to move goods from producer to end customer.
In a free trade system, companies collaborate with distribution partners in this process.Sleep plays an important role in your physical health. For example, sleep is involved in healing and repair of your heart and blood vessels. For more information, go to the Health Topics Sleep Studies article.
If you have a child who is overweight, talk with the doctor about your child's sleep habits. Signs, Symptoms, and Complications. Here are important questions for your self-reflection, by yours truly.
Many are questions that I ask my clients during our coaching sessions to help them uncover their inner self. These questions will help you focus on what’s important to you and what you want. Oct 01, · IMPORTANT: Please know that the topics themselves are actually not that important, its not what you say, but how you say something.
Strive to keep it positiv, light, and charming (more about this later, but without further ado, here is the list of conversation topics).
Why Is Global Health Important? Global health plays an increasingly crucial role in both global security and the security of the U.S. population.
As the world and its economies become increasingly globalized, including extensive international travel and commerce, it is .
/ The Most Popular Argumentative Essay Topics of The List TOP Argumentative topics list with some useful tips on writing a flawless argumentative essay. As you may already know, an argumentative essay is a writing genre where the student establishes a position on a given or chosen topic and then uses evidence to persuade the audience.
Feb 21, · Conversation topics involving their experiences in this area are definitely a good idea. 9. Food. There is this subtle attraction most of us humans have towards food: making it, seeing it, acquiring it and eating it.
It’s not just a subject for housewives and chefs.