Tools for Decision-making for Business Economics Students

Abstract

This essay describes different tools used for decision-making. Economics is the science that studies strategies to manage scarce resources. The principles of this science are useful in macroeconomic and microeconomic analysis, the latter related to the economic dynamics of economic agents in the market, these are mainly companies and consumers. For business decision making, there are countless tools that can be used by businessmen to plan their business policy, for example, the supply and demand analysis, marginal analysis to determine the optimum point of production and maximize profits, determination of market types depending on the numbers of buyers and sellers, the number of companies taking part and obstacles to enter and exit markets, among others.