Analyzing demand is all about understanding buyer behavior. It studies the preferences of consumers along with the effects of changes in the determinants of demand.
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Further, this prediction is based on the past behavior of factors which affect the demand. This is important for firms as accurate predictions help them produce the required quantities of goods at the right time. Further, it gives them enough time to arrange various factors of production in advance like raw materials, labor, equipment, etc. Business Economics offers scientific tools which assist in forecasting demand.
A business economist has the following responsibilities with regards to the production:. By production analysis, the firm can choose the appropriate technology offering a technically efficient way of producing the output. Cost analysis, on the other hand, enables the firm to identify the behavior of costs when factors like output, time period, and the size of plant change.
Further, by using both these analyses, a firm can maximize profits by producing optimum output at the least possible cost. Firms can use certain rules to reduce costs associated with maintaining inventory in the form of raw materials, work in progress, and finished goods.
Further, it is important to understand that the inventory policies affect the profitability of a firm. Hence, economists use methods like the ABC analysis and mathematical models to help the firm in maintaining an optimum stock of inventories. Any firm needs to know about the nature and extent of competition in the market. A thorough analysis of the market structure provides this information. Further, with the help of this, firms command a certain ability to determine prices in the market.
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Also, this information helps firms create strategies for market management under the given competitive conditions. Price theory, on the other hand, helps the firm in understanding how prices are determined under different kinds of market conditions. Also, it assists the firm in creating pricing policies. Business Economics uses advanced tools like linear programming to create the best course of action for an optimal utilization of available resources.
Among other decisions, a firm must carefully evaluate its investment decisions an allocate its capital sensibly.
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Various theories pertaining to capital and investments offer scientific criteria for choosing investment projects. Further, these theories also help the firm in assessing the efficiency of capital. Business Economics assists the decision-making process when the firm needs to decide between competing uses of funds. Profits depend on many factors like changing prices, market conditions, etc. The profit theories help firms in measuring and managing profits under such uncertain conditions.
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Further, they also help in planning future profits. Most businesses operate under a certain amount of risk and uncertainty. Also, analyzing these risks and uncertainties can help firms in making efficient decisions and formulating plans. External or environmental factors have a measurable impact on the performance of a business.
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The major macroeconomic factors are:. The management of a firm has no control over these factors. Marks from the International Foundation programme do not count towards a final degree, but help the University determine whether you meet key criteria for progression. You will receive support from your tutor throughout your course and be assessed by a combination of:. If you accept an offer and confirm your place before 20 January you will be charged the current price. If you accept an offer and confirm your place on or after 20 January the increased prices will apply and we will issue you with a new offer showing the new prices payable by you.
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