The Impact of Economics on My Life as a Business Article

The Impact of Economics on My Life as a Business - denomination ExampleIn order for business people to become successful in todays global business, each businessman should be knowledgeable in study of micro frugalals and macroeconomics. For the purpose of this study, the importance of the staple fiber principles of microeconomics such as the supply and pick out of labor and products2 and how individuals, households, and firms make decisions with regards to allocating their limited resources in markets where the trading of goods and operate occurs3 and the macroeconomics which focuses particularly on the external factors that could affect the variables such as the Gross Domestic Product (GDP), unemployment rate, rising prices rate, and exchange rate4 will discussed in order to enable the businessmen to understand and apply the useful economic theories in their future business decision making. Businessmen should be aware that there is a world-shattering correlation between the i ncrease in demand for goods and services as well as with the demand for labor. In case the economy of a country is booming, the domestic demand for finished products increases. The increase in the demand for products contributes to the increase in demand for homosexual resources (workforce). Basically, this allows the talented men and women to have the demand for a higher salary or have an option to take double jobs and longer working hours. (See prognosticate I A Good Economy below) On the other hand, in case the country is experiencing economic downturn or recession such as the Asian crisis in 1997 or a tragic event such as the September 11 terrorist attack in the United States, the demandfor human resources decreases since a lot of local businesses were directly affected and eventually had to declare bankruptcy or chitchat a mass lay-offs in order for them to be able to sustain the business financially.