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Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. [1] Economics is the study of the production, distribution, and consumption of goods and services.
Lower cost and increased profitability are often the motivation for offshoring. Economists call this labor arbitrage.More recently, offshoring incentives also include access to qualified personnel abroad, in particular in technical professions, and decreasing the time to market.
Supply and demand stacked in a conceptual chain.. A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them [1] to end consumers [2] or end customers. [3]
According to the Organisation for Economic Co-operation and Development (OECD), the blue economy, which includes all industries with a direct or indirect connection to the ocean, such as marine energy, ports, shipping, coastal protection, and seafood production, could outperform global economic growth by 2030. [9] [10] [11]
Predatory pricing is a commercial pricing strategy which involves the use of large scale undercutting to eliminate competition. This is where an industry dominant firm with sizable market power will deliberately reduce the prices of a product or service to loss-making levels to attract all consumers and create a monopoly. [1]
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...
The transport economics rationale for implementing congestion pricing on roads, described as "one policy response to the problem of congestion", was summarized in testimony to the United States Congress Joint Economic Committee in 2003: "congestion is considered to arise from the mispricing of a good; namely, highway capacity at a specific ...