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Economic Environment Of Business Organization

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Economic System Behavior In Business Structure

11458 Downloads I Published: 11 Jul ,2016

Importance Of Economic Environment In Business

At present, the economic issue that involves in scarce resources for production and infinite wants of consumers. In order to manage such kind of issues a business need to consider prominently answering three prime reasons that includes why, for whom and what to production. This present essay is briefing about types of economy that can be implemented to optimally utilize use of limited resources (Katous, 2010). c recessions helps in to develop a deep darken area for the growth of world economy and it is one of the strongest way that helps in survival (Global Business, 2011).

An economic system assists in production, distribution and consumption of products and services in a nation and it is consequently a series of techniques and principles which primarily helps in to resolve economic conditions such as scarcity of economy by providing finite productive resources (Murphy, 2010). The overall economic system is an association of people along with relationships and helps in convention of property. One of the issues in any society is to provide a set of rules for the allocation of resources and proper utilization among individuals that helps in to fulfill the expectations within the limited resources. There are various types of economies which are being used in different countries and it depends on the need of market and available resources in that area (Marren, 2012).

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Importance Of Economic Environment In Business

At present, the economic issue that involves in scarce resources for production and infinite wants of consumers. In order to manage such kind of issues a business need to consider prominently answering three prime reasons that includes why, for whom and what to production. This present essay is briefing about types of economy that can be implemented to optimally utilize use of limited resources (Katous, 2010). c recessions helps in to develop a deep darken area for the growth of world economy and it is one of the strongest way that helps in survival (Global Business, 2011).

An economic system assists in production, distribution and consumption of products and services in a nation and it is consequently a series of techniques and principles which primarily helps in to resolve economic conditions such as scarcity of economy by providing finite productive resources (Murphy, 2010). The overall economic system is an association of people along with relationships and helps in convention of property. One of the issues in any society is to provide a set of rules for the allocation of resources and proper utilization among individuals that helps in to fulfill the expectations within the limited resources. There are various types of economies which are being used in different countries and it depends on the need of market and available resources in that area (Marren, 2012).

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In this respect one of the factors is command economy which is also known as controlled economy and in includes both price and supply as defined by government rather than any kind of force of market. Here, in government defines about the amount of product or service that needs to be produced (Raymond, and Vernon. 2008). The other type is free enterprise economy which is also known as capitalism and in this situation the demand and supply of products and services are completely defined by exact market values and it willingly helps in formation of government. It depicts the condition of an economy in which demand, supply and prices are distorted by the regulations of government (Frynas and et.al., 2011.).

imilarly, mixed economy is controlled by both the market forces and in this concept free public health policies are being managed by government as it has the social responsibility of market forces to manage industries and accomplish the profit suitably. However, the industries are impacted by national government to some extent and it has been found that numerous developed economies follow this approach (Paul, 2000). On the other in a transitional economy that results into shifting of free enterprise economy from total command economy. Brazil is one of the nations that follow this concept and it helps in to undertake free trading in the market (Herrmann, 2011).

Private sector Economic Environment Status

Private sector is deeply with the economy of nation it is because the production factors are managed by a group of people with a purpose to maximize the profit. Most likely private sector includes in numerous different companies in which smaller firms and households have their sole responsibility to make effective utilization of available economic resources. In a public sector it mainly deals with production, distribution and delivery of products and services by the government in a regional, local or national level (Momoh and Shehab, 2006). Moving ahead it has been found in that private finance initiative is also a kind of public private partnership that was developed in the year 1992 in UK. It plays a significant role in forming government strategy in order to deliver the best quality for public services. In this approach institutions require initiatives from private financer and put their own capital risk to deliver long term projects by ensuring that effective work quality is being delivered within the specified time and budget. Many public services are being covered in it and all this requires specifications as offered by government that depicts standards and services to manage construction, operation and design of group (Shavinia, 2003).

Hence, the above stated concepts of economies are being used by government to properly allocate resources in the most suitable form for the effective utilization of services. In order to make proper utilization of services there requires a constituent part of economy which is being addressed by local communities, private sector and government that defines what to produce and through which approach so that requirements of society can be fulfilled (Roberts, 2009). Finally, the society need to undertake useful decisions in order to decide optimum amount of production with overall allocation of resources for the production of commodities.

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From this assessment it can be concluded that scarcity of resources is a concept that addresses between less resources and unlimited needs of a nation or individuals. For any of the individual limited resources is the skills, time and money that requires technology, capital and labor force (Johnson and Turner, 2009). As the available resources is limited as compared to needs and wants of nation hence every individual need to make decision with respect to utilization of services that they can afford and that they actually require (Patterson and Mattila, 2012). With changes in economic system it is crucial to give attention that available resources are insufficient in order to fulfill the needs and wants of human being. Hence, from this it can be concluded that economic system of a nation depicts in the behavior of human with respect to relationships with limited and end resources as it is available in alternative for.

References

  • Frynas, G. J., and et.al., 2011. Global Strategic Management. 2nd ed. OUP Oxford.
  • Johnson, D., and Turner, C., 2009. International Business: Themes and Issues in the Modern Global Economy. 2nd ed. Taylor & Francis.
  • Katous, A. A., 2010. The Role of HR in Cross-Border Mergers and Acquisitions. Journal of Leadership.
  • Marren, P., 2012. The devil's dictionary of business strategy. Journal of Contemporary Management.
  • Momoh, A., and Shehab, E., 2006. Challenges in enterprise resource planning implementation: state-of-the-art. Business Process Management Journal.
  • Murphy, J., 2010. Beyond criticism: towards alternatives. Journal of Leadership.

In this respect one of the factors is command economy which is also known as controlled economy and in includes both price and supply as defined by government rather than any kind of force of market. Here, in government defines about the amount of product or service that needs to be produced (Raymond, and Vernon. 2008). The other type is free enterprise economy which is also known as capitalism and in this situation the demand and supply of products and services are completely defined by exact market values and it willingly helps in formation of government. It depicts the condition of an economy in which demand, supply and prices are distorted by the regulations of government (Frynas and et.al., 2011.).

imilarly, mixed economy is controlled by both the market forces and in this concept free public health policies are being managed by government as it has the social responsibility of market forces to manage industries and accomplish the profit suitably. However, the industries are impacted by national government to some extent and it has been found that numerous developed economies follow this approach (Paul, 2000). On the other in a transitional economy that results into shifting of free enterprise economy from total command economy. Brazil is one of the nations that follow this concept and it helps in to undertake free trading in the market (Herrmann, 2011).

Private sector Economic Environment Status

Private sector is deeply with the economy of nation it is because the production factors are managed by a group of people with a purpose to maximize the profit. Most likely private sector includes in numerous different companies in which smaller firms and households have their sole responsibility to make effective utilization of available economic resources. In a public sector it mainly deals with production, distribution and delivery of products and services by the government in a regional, local or national level (Momoh and Shehab, 2006). Moving ahead it has been found in that private finance initiative is also a kind of public private partnership that was developed in the year 1992 in UK. It plays a significant role in forming government strategy in order to deliver the best quality for public services. In this approach institutions require initiatives from private financer and put their own capital risk to deliver long term projects by ensuring that effective work quality is being delivered within the specified time and budget. Many public services are being covered in it and all this requires specifications as offered by government that depicts standards and services to manage construction, operation and design of group (Shavinia, 2003).

Hence, the above stated concepts of economies are being used by government to properly allocate resources in the most suitable form for the effective utilization of services. In order to make proper utilization of services there requires a constituent part of economy which is being addressed by local communities, private sector and government that defines what to produce and through which approach so that requirements of society can be fulfilled (Roberts, 2009). Finally, the society need to undertake useful decisions in order to decide optimum amount of production with overall allocation of resources for the production of commodities.

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From this assessment it can be concluded that scarcity of resources is a concept that addresses between less resources and unlimited needs of a nation or individuals. For any of the individual limited resources is the skills, time and money that requires technology, capital and labor force (Johnson and Turner, 2009). As the available resources is limited as compared to needs and wants of nation hence every individual need to make decision with respect to utilization of services that they can afford and that they actually require (Patterson and Mattila, 2012). With changes in economic system it is crucial to give attention that available resources are insufficient in order to fulfill the needs and wants of human being. Hence, from this it can be concluded that economic system of a nation depicts in the behavior of human with respect to relationships with limited and end resources as it is available in alternative for.

References

  • Frynas, G. J., and et.al., 2011. Global Strategic Management. 2nd ed. OUP Oxford.
  • Johnson, D., and Turner, C., 2009. International Business: Themes and Issues in the Modern Global Economy. 2nd ed. Taylor & Francis.
  • Katous, A. A., 2010. The Role of HR in Cross-Border Mergers and Acquisitions. Journal of Leadership.
  • Marren, P., 2012. The devil's dictionary of business strategy. Journal of Contemporary Management.
  • Momoh, A., and Shehab, E., 2006. Challenges in enterprise resource planning implementation: state-of-the-art. Business Process Management Journal.
  • Murphy, J., 2010. Beyond criticism: towards alternatives. Journal of Leadership.
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