The benefits of studying economics Why Study Economics? It also provides information to teachers and parents.
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|Frequently Asked Questions||Understanding how people arrive at their choices is an area of cognitive psychology that has received attention. Theories have been generated to explain how people make decisions, and what types of factors influence decision making in the present and future.|
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Each decision you make at your business might address a specific problem or need in a department, but all decisions can affect the main goal of any company -- profitability. When managers make decisions in a vacuum, it can lead to interdepartmental complications.
Understanding the basic factors you should consider when making any decision helps you and your staff make better plans or react to individual situations. Return on Investment One of the obvious factors that influences business decisions is the effect on profitability.
You can measure this in a number of ways, but calculating a return on investment is often the simplest.
The return on an investment is the amount of benefit you gain or lose by undertaking an activity. However, the staff time you spend managing the direct mail program might cost you much more than placing an ad, making your return on the ad better.
Calculating your return for each opportunity would let you know what options offer a better investment. Brand Impact Many decisions you make, from where you advertise and sell to what prices you charge and charities you sponsor, have an impact on your image.
Consider what your customers will think when you make decisions the public can see. Effect on Resources When you calculate your profit benefit from a possible decision, also consider the overall effect on your sales, human resources, accounting, production and information technology staff.
If making a particular product takes your staff away from other activities, you might lose other profit opportunities. If you overburden your staff, you might start losing key employees.
In addition to looking at your dollar costs for making and selling a product, review the impact it will have on your operations.
Opportunity Cost When you make one choice, you lose the opportunity to make another. For example, if you decide to buy radio ads, you might not have the budget to buy TV spots.
If you buy new machinery that improves your production, you might not be able to give raises or bonuses this year. Asking your sales staff to develop new customers might result in them providing less customer service to existing customers.However, majoring in economics is by no means a prerequisite for admission to either business school or law school.
NORTHWESTERN'S Economics Community. The focal point of the undergraduate program in economics at Northwestern is the Department of Economics in the Weinberg College of .
Apr 12, · To assess the factors, motivations, and nonacademic influences that affected the choice of major among pharmacy and nonpharmacy undergraduate students. Methods A survey was administered to pharmacy and nonpharmacy majors to assess background and motivational factors that may have influenced their choice of major.
Jun 26, · Each decision you make at your business might address a specific problem or need in a department, but all decisions can affect the main goal of any company -- profitability.
Introduction to environmental management and planning processes as they are addressed in public policy, with an emphasis on factors that influence decision-making, including politics, economics, public interest and legal requirements. My decision to pursue an MBA degree was more on considering the benefits of an MBA degree and the opportune time to do it.
I decided that it made more sense to wait a year rather than pursue immediately after earning my undergraduate degree. The five-year BA/MA program allows select economics students to earn a master’s degree in five years—and leave school ready for a career as an economist in both the private and the public sectors.