An industry is a cluster of firms that produces or sells similar or overlapping goods or services. These industries are usually grouped into sectors. Sectors can be large or small, but are generally classified into primary, secondary and tertiary. This classification is based on activities, business processes, and the products or services offered. It can also include the use of ...
The economy is a complex system of interrelated production, exchange and consumption activities. It uses capital, labor, and natural resources to produce goods and services for the benefit of the economy as a whole. There are different types of economies that have their own characteristics. These include command-based, market-based, mixed, and traditional. A market economy is a type of economy ...
The economy is a complex system of interrelated production activities. It includes trade, money, taxes, and government. An economy can be either local, national, or global. Each is influenced by a wide variety of factors. Economics is a branch of science that studies the allocation of scarce resources. Goods and services are the two main types of resources. They can ...
Business economics is a field of study that studies the factors that impact businesses. It involves the use of economic theories and quantitative methods. These techniques can help an organization improve its efficiency and increase its profit. The main objective of business economics is to minimize risk and uncertainty, and enhance rational decision making. One of the areas of business ...