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    Group 1

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    jennefertomentos55
    The document discusses many fundamental economic and business concepts and principles including supply and demand, elasticity, market structures, cost-benefit analysis, opportunity cost, marginal analysis, economies of scale, revenue streams, profit maximization, corporate social responsibility, time value of money, risk management, financial analysis, market segmentation, and business ethics.

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    Group 1

    Uploaded by

    jennefertomentos55
    10 views17 pages
    The document discusses many fundamental economic and business concepts and principles including supply and demand, elasticity, market structures, cost-benefit analysis, opportunity cost, marginal analysis, economies of scale, revenue streams, profit maximization, corporate social responsibility, time value of money, risk management, financial analysis, market segmentation, and business ethics.

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    The document discusses many fundamental economic and business concepts and principles including supply and demand, elasticity, market structures, cost-benefit analysis, opportunity cost, marginal analysis, economies of scale, revenue streams, profit maximization, corporate social responsibility, time value of money, risk management, financial analysis, market segmentation, and business ethics.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    10 views17 pages

    Group 1

    Uploaded by

    jennefertomentos55
    The document discusses many fundamental economic and business concepts and principles including supply and demand, elasticity, market structures, cost-benefit analysis, opportunity cost, marginal analysis, economies of scale, revenue streams, profit maximization, corporate social responsibility, time value of money, risk management, financial analysis, market segmentation, and business ethics.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 17

    ECONOMICS AND BUSINESS

    CONCEPTS AND PRINCIPLES


    • Economic and business concepts and principles
    encompass a wide range of theories, models, and
    practices that help individuals and organizations
    understand and navigate the complexities of markets,
    industries, and economies. Here are some fundamental
    concepts and principles:
    • Supply and Demand: This is the
    foundational concept in economics. It
    describes the relationship between the
    quantity of a good or service that producers
    are willing to offer and the quantity that
    consumers are willing to purchase at various
    prices.
    • Elasticity: Elasticity measures how
    responsive the quantity demanded or
    supplied of a good is to changes in price,
    income, or other factors. It helps businesses
    understand consumer behavior and predict
    the impact of price changes.
    • Market Structures: Different market
    structures include perfect competition,
    monopolistic competition, oligopoly, and
    monopoly. Understanding these structures
    is crucial for businesses to determine their
    pricing and competitive strategies.
    • Cost-Benefit Analysis: This involves
    comparing the costs of an action to the
    benefits received to determine whether the
    action is worthwhile. It's used in decision-
    making processes ranging from individual
    purchases to large-scale investments.
    • Opportunity Cost: This represents the value
    of the next best alternative foregone when
    a decision is made. It's important for
    businesses to consider opportunity costs
    when making resource allocation decisions.
    • Marginal Analysis: Marginal analysis
    examines the additional benefit or cost
    resulting from a small change in an activity.
    It helps firms optimize their production and
    pricing decisions.
    • Economies of Scale: This concept refers to
    the cost advantages that businesses gain by
    increasing the scale of production. It often
    leads to lower average costs as output
    increases.
    • Revenue Streams: Businesses generate
    revenue through various streams such as
    product sales, service fees, subscriptions,
    advertising, and licensing. Understanding
    and diversifying revenue streams is
    essential for long-term sustainability.
    • Profit Maximization: While businesses aim
    to maximize profits, they must consider
    factors such as costs, market demand,
    competition, and ethical considerations in
    their pursuit of profitability.
    • Corporate Social Responsibility (CSR): This
    principle suggests that businesses have a
    responsibility to operate ethically, consider
    the environmental and social impacts of
    their actions, and contribute positively to
    society.
    • Time Value of Money: This principle
    recognizes that a dollar received today is
    worth more than a dollar received in the
    future due to the opportunity to invest and
    earn returns.
    • Risk Management: Businesses face various
    risks such as financial, operational, strategic,
    and regulatory risks. Effective risk
    management involves identifying, assessing,
    and mitigating these risks to protect the
    interests of stakeholders.
    • Financial Analysis: This involves examining
    financial statements, ratios, and
    performance indicators to assess the
    financial health and performance of a
    business.
    • Market Segmentation: Businesses divide
    the market into distinct segments based on
    factors such as demographics,
    psychographics, behavior, and geography to
    better target their products and services.
    • Business Ethics: Ethics govern the conduct
    of businesses and individuals within
    organizations. Adhering to ethical principles
    is essential for maintaining trust, reputation,
    and long-term success.

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