Everything You Need to Know for Perfect Business Economics Assignment Writing
Table Of Contents
Students pursuing business economics know that the subject deals with the financial challenges and other types of shortcomings faced by almost every business enterprise from time to time. During the study, professors teach students that businesses encounter many different issues that can be solved by developing a core understanding of business economics. Thus, they assign business economics assignment to students to test their knowledge and skills. Students have to present their research skills and answer every asked question to produce an effective document.
However, many students, due to the lack of knowledge, search for business economics assignment help. Are you also unsure of writing the assignment due to poor understanding of the business economics concepts?
To help you write your assignment and gain every basic and major knowledge about the subject and topic, Global Assignment Help professionals have shared everything in this blog. Let’s get started by understanding the significance of business economics first.
You may also like this blog: Makes MBA Assignment Writing Process Easier
What Is the Significance of Business Economics?
Business economics is not just essential for students pursuing economics but for almost every enterprise that is offering goods and services in the market. Some of the most important attributes of business economics are discussed below:
- Business economics helps in making relevant business decisions related to various sectors, such as finance, marketing, sales, production, etc.
- The price of any product is determined by considering the factors involved in making and promoting it until the customer buys it.
- It helps in conducting effective market research and coming up with a plan that has an influence on the objectives of a business enterprise.
- Business economics bridges up the gap between business enterprises and customers by surveying the market and understanding their taste and preferences related to products.
- Business economics allows the managers to study various economic variables, such as business capital and cost production that results in predicting the future in advance.
- It also helps in establishing relationships between various economic factors, such as profit, loss, income, and market structure.
- Managers get an advantage of identifying and analyzing various internal and external business factors that impacts the day-to-day functioning.
Now, as you have understood the importance, it is the right time for you to know about the characteristics of business economics, which are discussed in the succeeding section of this blog.
What Are the Characteristics of Business Economics?
One of the significant characteristics of business economics is micro-economic. It studies the challenges of financing, production, sales, cost, and so on of an individual business unit. Studying these factors provides businesses an authentic way to cope with the challenges and present effective solutions.
Business economics is normative science in nature. It is dependent on top-level management and is concerned with what the business owners will do in both favorable and unfavorable business circumstances. Every step that the administration takes determines the goals of the enterprise. It is also helpful in eliminating all the hurdles that come in between the achievement of organizational goals.
Business economics is concerned with solving problems that a business face in their day-to-day functioning. It helps in making the business more application-oriented; thus, termed as pragmatic.
Every business faces difficulties in operating their production, making the managers work hard to find practical solutions to sustain in the market. Here comes the role of business economics policies because they present prescriptive solutions rather than descriptive. Therefore, by this characteristic, the managers prescribe solutions to several business problems.
Macroeconomics is the characteristic of business economics that highlights ways to understand the business's environment. It helps in knowing all the threats and the next move of competitors that allows the business to make necessary changes in the strategy to achieve short and long-term goals.
No business can achieve its goal without the interference of management. Thus, business economics aims to help the management make correct and effective decisions to attain all the organizational goals. Thus, it is termed as management-oriented in nature.
These are all major characteristics of business economics that students need to know while writing business economics assignment. These characteristics should be considered since the business gets affected due to one or other economic factors. To know more about the factors that affect the business, read the following section of this blog.
What Are the Economic Factors That Affect the Business?
Almost every business raise funds to maintain the day-to-day working and make the required investments to earn profits. But, in return, they have to pay a predetermined rate of interest calculated as an annual percentage based on the outstanding fund. If the business fails to make a profit from these raised funds, every penny paid as interest is considered a loss. Hence, it affects the business indirectly.
If a business operates outside the national geographic boundaries, it has to make or receive payments in foreign currency. However, changes in the exchange rate, either upside or downside, can indirectly impact the business. If the home currency depreciates, the cost of importing goods will be expensive and vice versa.
If the country in which a company operates is undergoing a recession, the impact can be seen in every type of business. It will tighten the credit conditions, minimize the demand of the product in the market, receive less government bailouts, and so on. Recessions are periods of a general decline in business economic activity and business financial performance indicators such as unemployment and GDP.
Inflation is the opposite of recession. In this, the price of almost everything rises, such as raw materials, interest rates, labor charges, and so on. It affects the mindset of customers that ultimately impacts the growth of the business. In this particular phase, customers avoid purchasing products that affect the revenue of many businesses. Sometimes businesses take years to come out of the affects of inflation.
Business taxes is one of the significant business economic factors that affect the business adversely. For instance, a rise in the corporation tax drastically increases the cost of every in-house activity undertaken by business employees. There are several business taxes that affect a company, out of which, the two major ones are:
- Landfill Tax
- Value Added Tax
These are the factors that affect the business in the direct or indirect way. It creates huge impact on the working of business, which can only be overcome by effective business economic analysis. If you are unaware of how to do effective business economic analysis, consider going through the next section of this blog.
What Are the Most Significant Ways of Doing Business Economic Analysis?
Production & Cost Analysis
To stay relevant in the market, every business enterprise should focus on analyzing its production capacity and cost of the product per unit. It helps in knowing all the areas where the business is doing good and bad. A manager needs to understand that the production analysis is narrower than cost analysis. The analysis of production capacity is required once or twice in a month, whereas the cost analysis proceeds with monetary situations, so it is needed regularly.
Policies & Practices with Pricing Decisions
In business economics, the top-level management analyzes the performance of all the business products by comparing the revenue generated previous year than that of the current year. The results of the comparison help them in formulating policies and practices that affect the price of products. The primary purpose of taking this pricing decision is to make the product available to customers at the best price.
Demand Forecasting & Analysis
Demand forecasting and analysis is the process of identifying all the potential customers and their will to purchase the goods and services at what price. This process helps in analyzing the demand for the product in the market that results in making effective business decisions to meet the demand of the product.
Capital management is one of the most essential yet troublesome business problems for any organization that has to be managed by considering the return rate on every investment. The firm’s top-level management, i.e., CEO, take the capital management decisions. Sometimes the capital management process gets so complicated that their solutions require a lot of time. It comprises of decisions like the selection of projects, investment, rate of return, etc.
Every business enterprise focuses on making continuous profits on their products or services which they are offering in the market. Profit management requires effective and rigorous research on customer's tastes and preferences because they purchase the product or services through which a business earns a profit. However, the market depends on various factors full of uncertainties that make it difficult to assume a few things to maximize business profits.
After going through all the five ways, you must have gained knowledge about doing effective business economic analysis. These are all things that you need to know and understand before writing a business economics assignment. If you still have any doubt about any section and facing difficulty in writing assignments, consider taking assignment writing service from Global Assignment Help professionals. To know more about us, go through the following section of the blog.
Can’t Write Business Economics Assignment? Here’s the Solution
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