In the midst of a multitude of facts, data, and statistics, what fundamental economic models and analytic methods can managers employ to make sense of how market forces affect opportunities and constraints? What category that affects business managers within the retal industry? Explain. Supply and demand Cost Profits Firm organization Market organization; and/or Price determination
In the midst of a multitude of facts, data, and statistics, what fundamental economic models and analytic methods can managers employ to make sense of how market forces affect opportunities and constraints? What category that affects business managers within the retal industry? Explain.
Cost
Profits
Firm organization
Market organization; and/or
Price determination
Supply and demand make the managers understand as to which product to manufacture and it is the most important for the retail industry.
All products may not be demanded equally,therefore manager has to analyse the demand for a product in the retail market and then accordingly adjust the supply.
Cost is also important because production constraint depends on it.If the production increases,cost will also increase.
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