Unit-1 Principle of Economics | BBA-103 1st semester-2023
Unit-1 Principle of Economics | BBA-103 1st semester-2023

 Relevance of Economics in Business Management|Unit-1| POE | BBA 1st semester

Economics in Business Management|Unit-1| POE |BBA 1st semester- Hello student, How are all, I have sent you all notes. 10th, 12th, BCA, BBA notes provided in this website . I believe that these will be very helpful notes for you. 

Unit-1 Principle of Economics | BBA-103 1st semester-2023
Unit-1 Principle of Economics | BBA-103 1st semester-2023

Business Management Relevance of Economics in

  • Economics is the science that generates relations between society and public and private administration, thanks to the economy we can measure the stability of a country, its development and growth in order to generate policies that tend to improve the overall welfare situation. Below are the various points, which show the importance of economics for business.

Points of Importance of Economics

  1. Allows know the basics of human need, production, distribution, reuse and better use of resources.
  2. It provides the basis for exchange of goods and services between individuals, organization and even countries.
  3. Generates system, techniques and public policies to improve social welfare.
  4. Help to set target prices of goods and services.
  5. Adjust political, financial and even social imbalances.
  6. Provides knowledge and techniques that prevent crises and help them out
  7. It uses econometric techniques to predict future economic conditions that could harm or benefit certain situations in harm or benefit certain situations in ascertain place, and how to maximize the benefits and problems mystify.
  8. As you can see, economics is a science that encompasses us completely.
  9. To be an expert in this field you can study a university degree in economics, in this course the student will learn how the economy moves and how to generate the best social conditions.

A POINT 

  • The Internet, we are always surrounded by an excess of economic data that dulls our heads, but that far from being much information, is not only the tip of the iceberg of what really happens in the world of economics.
  • But is spite of everything, the economy interest us all, and that is why it is very important to understand at least the most basic mechanisms of the economy of the own country at least, and then to know the economy worldwide. Much needed concepts when it comes to voting for one candidate or another in an election. Every citizen should to know who defends their rights, and politicians are often differentiated,, mainly, by how they handle economic issues benefiting one sector or another of the population. Knowing how to identify what situation you are in and which policy will benefit you, is up to you.

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 B POINT 

  • Economic fluctuations can affect various industries and therefore directly affect their work, e aware of this type of news. You can choose to change profession, prepare for another type of charge, etc. In addition to that particular level, you can make your own decisions about where to invest your savings.

POINT C

  • When we talk about investment, it seems that we are talking only about the stock market, buying or selling stocks, and in fact, this type of investment has increased considerably in recent years, both the stock market and the funds are within the reach of anyone and a good way to do something with our savings.

POINT D

  •  It influences the movement of oil, gold, row materials, technological companies, agriculture.

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