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For instance, it might be determined that a 4-year degree at a technical school will provide a $100,000 income while a 2-year degree at a specialty school will only provide a $60,000 income after graduation. A person must determine the steps involved in getting an education and determine which option will be the most valuable long-term. A person making $60,000 will have less financial capabilities than another who earns $100,000, making it harder to contribute to charitable or community organizations. However, the time investment should be considered as part of economics because family members will be affected, as well as the whole of a person’s lifestyle, depending on which decision is made. The biggest question which should be asked is how decision-making will impact the self, the household, the local community and even the broader society as part of economics in daily life.
From an organizational viewpoint, economics determines how specific activities impact other activities in a society. A manufacturing business will determine the cost of raw materials, the labor and investment necessary to produce them, and consider whether customers will want to buy these products. As a single organization, micro-level business activities and various departments work together in the pursuit of generating a final product. Each division or business unit maintains a unique function, however each contributes to the whole of the organization, creating an entire unit of economic activities.
In the business environment, it is a common theme to recognize aspects of sales and marketing, such as knowing your consumer and their basic demographics such as income, social lifestyle and cultural values. From a macro-level perspective, social systems work together with their own unique functions, creating a solid society where each action by each group impacts the other group. This is no different in business as the
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One of the most important functions that the FASB serves is formulating the generally accepted accounting principles (GAAP). The accounting profession is self-regulated and accountants depend on the generally accepted accounting principles to guide their work.
External influences, such as peer group ideals or family influence, tend to drive the reasoning why customers buy the specific products they desire. Consumer behavior is important for marketing as the underlying factors which promote or
Only by utilizing critical thinking can we break out of the box of preconceived notions and get a more accurate description of the situation. My position in the office at a meatpacking plant gives me ample opportunity to
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different contextual factors vis-à-vis size, technology, environment, diversification and globalization are vital elements that have significant impact on the managerial decision making. A good leadership ensures effective communication with the employees with shared vision of
They need pictures and gestures from the teachers to understand the concept fully. I will utilize the pictures of different creatures that the children have seen in the zoo or at other places and the try to use hand gestures that allow
e that exists in the region in order to maintain a stable oil supply for the world, it is important that our nation do so without compromising our political foundation. We must not support and supply countries that oppress their people with financial aid and arms that can be
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