TMGT 3337 Study Guide - World Economic Outlook, Cengage Learning

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25 Apr 2022
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Title: economics and management (chapter 1 of managerial economics 2nd edition) The different factors that make a firm successful vary widely. While some may argue that luck does not exist, that it is a matter of being prepared when opportunities arise, boyes argues that luck has defined success or failure as much as, or even more than, skill. Boyes defines economics as the study of choice, the understanding of the individual"s behavior, the ever-changing formula to solving business problems. Since individuals, organizations, firms, governments and nations all have to make decisions, economics is paramount to create a competitive advantage to those who devote their limited resources to the study and understanding of economics.

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