is a branch of economics that studies the behaveiour of individuals ang ferms in making decision regarding the allocation of scarce resources and the interaction among these individual and firms.
They spend more money that what they earn because maybe those things they bought are what they needed the most. Also, poor people knows what they have to prioritize to buy which can sustain in their daily living.
DIFFERENCES BETWEEN OLD AND NEW BUSINESS STRATEGIES
Changing times need changing of strategies. Today’s business strategies and processes are far different from old ones. Here are the most noticeable differences between old and new business strategies.
Today’s business decisions are more customer oriented while traditional decisions are company oriented.
Today’s strategies and plans are more data-driven while old ones are opinion driven.
Today’s businesses are run on sophisticated systems while old ones include so much manual works.
Development of science & technology helped today’s businesses to predict near future and to look for long-term goals, while old businesses were mostly run on short-term decisions.
New businesses focus on implementing small changes effectively while old businesses look for big sudden drastic changes.
Today’s businesses close weak points and eliminate wastes swiftly while old businesses tolerate them.
Today’s businesses look for continuous improvement opportunities, while old ones changes after terms.
Better collaboration between departments and team is the one other main feature of new businesses.
Better employee participation in day to day business decisions and customer socializing is also noticeable with modern business strategies.
While old business managers try to manage their employees by imposing decisions, new managers only guide/lead them to make right decisions.
answer:wag mong hanapin ito ay kusang dumarating