What are the economic goals?
National economic goals include: efficiency, equity, economic freedom, full employment, economic growth, security, and stability. Economic goals are not always mutually compatible; the cost of addressing any particular goal or set of goals is having fewer resources to commit to the remaining goals.
What is micro and macro environmental factors?
Micro (External) environment – small forces within the company that affect its ability to serve its customers. Internal environment – can be controlled, however, it can’t influence an external environment. Macro (external) environment – larger societal forces that affect the microenvironment.
What are the 3 tools that economists use?
Three of the most effective tools that economists use are the scientific method, graphs, and economic models.
What are the macro factors?
A macro environment is the condition that exists in the economy as a whole, rather than in a particular sector or region. In general, the macro environment includes trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy.
What are the basic problems of economics?
Answer: The four basic problems of an economy, which arise from the central problem of scarcity of resources are:
- What to produce?
- How to produce?
- For whom to produce?
- What provisions (if any) are to be made for economic growth?
What is micro environmental factors?
the factors or elements in a firm’s immediate environment which affect its performance and decision-making; these elements include the firm’s suppliers, competitors, marketing intermediaries, customers and publics.
What are micro and macro factors?
Micro environment is defined as the nearby environment, under which the firm operates. Macro environment refers to the general environment, that can affect the working of all business enterprises. PESTLE, i.e. Political, Economic, Socio-cultural, Technological, Legal and Environmental.
What are the internal and external factors of marketing environment?
There are many potential internal and external influences which shape and influence the marketing objectives of a business.
- Internal Influences on Marketing Objectives.
- Corporate objectives.
- Human resources.
- Operational issues.
- Business culture.
- External Influences on Marketing Objectives.
- Economic environment.
What are the 4 types of economic resources?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
What are the 5 internal environmental factors that affect marketing?
The internal marketing environment consists of all factors that are internal to the organisation like:
- Company`s mission, vision and business objectives.
- Company Culture.
- Company image and Goodwill.
- Marketing Strategy.
- Technical Capacity.
- Managerial Skills and Abilities.
- Structure and Processes.
- Finance and Sales force.
What are the two basic tools of economics?
Basic Tools of Economic Analysis: Graphs, Charts and Tables.