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Managers use economic frameworks in order to optimize profits, resource allocation and the overall output of the firm, whilst improving efficiency and minimizing unproductive activities. [4] These frameworks assist organizations to make rational, progressive decisions, by analyzing practical problems at both micro and macroeconomic levels. [ 5 ]
Organizational economics is primarily concerned with the obstacles to coordination of activities inside and between organizations (firms, alliances, institutions, and market as a whole). Organizational economics is known for its contribution to and its use of:
A knowledge economy emphasizes the importance of skills in a service economy, the third phase of economic development also called a post-industrial economy. It is related to an information economy , which emphasizes the importance of information as non-physical capital, and a digital economy , which emphasizes the degree to which information ...
At the heart of America's growth and prosperity are small businesses. Small and mighty, these businesses are vital not only to our communities, but at a broader economic level. See Our List: 100...
Economic theories on information goods face the problem of dealing with two contradictory concepts. On one hand, information is regarded as an important economic resource for development as perfect information is a key requirement of the efficient-market hypothesis . [ 17 ]
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The focal organization obtains some resources from the social actor making the demands. The resource is a critical or important part of the focal organization's operation. The social actor controls the allocation, access, or use of the resource; alternative sources for the resource are not available to the focal organization.
Globalizing processes affect and are affected by business and work organization, economics, sociocultural resources, and the natural environment. Academic literature commonly divides globalization into three major areas: economic globalization , cultural globalization , and political globalization .