Economics is a key role and is more than just a simple subject that students take up at school everyday. When it comes to mind, the immediate thing that settles in the human thinking is that of the law of supply and demand, something that is critical when entrepreneurs consider certain endeavors prior to wrapping up and putting up various business ventures.
Supply and demand carry with it many definitions and understandings. These are key identifiers to be able to provide a balance between the needs of the consumer and that of supplying these needs at the right level. The entire setup is a game in itself whereby people need to make decisions wisely, crucial since a wrong decision may be evidently prove to be a significant difference between profit and losses.
Allocating the resources, mixing them up and matching them with the target market that a business is aiming to penetrate, sounds simple but complex in a way, especially when it comes to proper auditing and execution of strategies. True it does sound easy in a way, but with all the governing factors that most countries face at the moment, the matter of priorities is very important. Actually, these priorities are indicators as well on how a person will be able to consider items or services to fit in to their individual allocated budget, something that will require research prior to actual hypothesizing and conclusions.
Useful article links:
Obesity: Economic Dimensions of a “Super Size� Problem
Originally posted on June 13, 2006 @ 11:42 pm
