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Economics

Economics studies the society and the ways we produce and consume goods and services, as well as our wages and earnings, unemployment in our country, inflation, government spending, taxation and its regulation, trade (home and international) and the distribution of material wealth in our country and throughout the world.

It is economists who deal with all these economic aspects. It is they who decide what, how, and for whom to produce goods and services. They study the demand and the supply for goods and services, identify those which the public demands, produce these goods and services efficiently, and sell them at competitive prices. The aim of economists and their economic activity is to achieve the highest possible level of goods and services production, their distribution, and consumption. If entrepreneurs economists accept responsibility and risk for their businesses operations with the expectations of making profits. It is important to stress the role of entrepreneurs as innovators who develop new products, new markets, or new means of production.

Managers deal with decision making. These people devote much time to developing long-term plans for their organizations. They make decisions whether to produce new products and how to sell them, to purchase some assets or to begin foreign activity. They must have economic background to be able to analyze and interpret business information to make correct decisions. They usually possess human relations skills, that is, the ability to work with people, to create a working environment where all their colleagues can contribute their best skills and work as a team of creative people.

Marketers, like managers, deal with economic matters. They plan pricing, promote and distribute products and services to their customers. Their task is to plan marketing strategy, to open new markets for their products. Factually the key factor of it is to have the right product at a reasonable price in the right place with the right promotion. Marketing management is one of the leading branches of modern economic activity.

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