Explain how the economic concepts of supply and demand can have an impact on organizational performance in the short and long run.© BrainMass Inc. brainmass.com December 15, 2020, 5:56 pm ad1c9bdddf
Explain how the economic concepts of supply and demand can have an impact on organizational performance in the short and long run.
Economics is the social science that studies the production, distribution, and consumption of goods and services. (Wiki, 2009) As per the Richmond, Economics is the study of the making, buying, and selling of goods or services. Hence Economics analyzes issues like demand, supply, production and helps in solving the problems. As per bized, economics helps in taking following decisions relating to the organization:
What goods and services should an organization produce?
How much the goods and services be produced?
What should be the technology used- labour intensive, land intensive, capital intensive? Efficiency?
What are the major environmental factors affecting the organization?
As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that ...
Response discusses concepts of supply and demand