Business for economics

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  • 1-Economics for Business
    • Classifying Industries
      • Identify areas of growth/decline, analyse trends, identify areas of the economy with specific needs e.g. transport, understand and predict the behaviour of firms in direct competition.
      • Supply side- less susceptible to change/ more simply calculated
    • Standard Industrial Classification
      • Formal system which firms are grouped into industries
      • Promotes collection by various Gvnt departments/non Gvnt agencies of a uniform and comparable body of data on industry. Reflects changes in UK industrial structure
      • Crucial for effective monitoring of business in the EU's internal market.
      • Enables addressing of wider issues- Industrial concentration
    • Structure-conduct-perfomance
      • Performance affected by the market structure- SCP paradigm
      • Internal structure- agressiveness in the market, willing to innovate etc.
      • Information-the more aware, the more likely to succeed
      • Competence of managers, quality of workforce
      • Systems: information systems, motivational systems, distributional systems, financial systems etc

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