In order for one to understand economics they need to know the meaning and the type of questions that economists attempt to supply answers too. Economics “is the social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile our choices” (Edition, 2011, 949). Scarcity is when our wants exceeds our ability to satisfy them. Time, income, and the cost of products or services we purchase are the limiting factor that may stop us from being able to satisfy our wants. For example, a student wants a doctorate but only has enough to pay for a lesser degree. The student is facing scarcity and will need to make an alternative choice. There are to questions that economists attempt to answer: “How do choices end up determining what, how, and for whom goods and services get produced and when do choices made in the pursuit of self-interest also promote the social interest?” (Edition, 2011, p. 931) The items and assistance that individual appreciate are goods and services. The item is a good, and the assistance...
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...nfluences the economic and legal considerations in others. The demands of being competitive globally, requires a company’s needs to stay abreast on international business. With the increase in global operations, it is hard to find manager that are efficient enough to handle several aspects of the international markets. It is even more complicated to finding CEO’S that are intelligent, has the required skills or technical background that are at ease in dealing with the global arena.
Anderson, P. L. (2014). Persistent unemployment and policy uncertainty: Numerical evidence from a new approach. Business Economics, 49(1), 2-20. doi:10.1057/be.2013.32
Edition, C. (2011). SKS 5000-Business Strategies for Organizational Effectiveness within the Global Perspective VitalSource eBook for Northcentral University. Pearson Learning Solutions. VitalBook file.
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