Think that Economics is just abstract theories that can’t be used to improve the business? Think again! At its core, Economics is all about the actions that must be done to get as much as possible from scarce resources. That’s called being efficient and effective – concepts that managers focus on every day. In other words, Economics is at the heart of management decisions and all managers need to have an understanding of its core principles.
Here’s three of those economic principles that you must always consider:
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