Economics and Business Administration
Table of Contents
When discussing Economics and Business administration, it relates to maximizing profits through effective resource management. To meet individual and societal wants, it is necessary to understand how enterprises operate in a market.
What is the Economy
It is a social discipline that deals with the study of society and how it uses resources to produce goods, distribute them and satisfy the population’s needs. Therefore, it means saving money and studying people within their social environment.
The economy in a company means studying the environment where the company operates and the economic facts that affect it positively or negatively. It is a social science responsible for analyzing how to manage resources to meet the requirements of society and the satisfaction needs.
What is Economics and Business Administration
It is understood as a science and a process of using resources efficiently and effectively to achieve objectives. And It is present in all types of organizations to regulate the management of companies under the concepts of planning, organization, direction, coordination, and control.
It is based on theories with different approaches that allow the analysis of human relations, behaviour, systems, and bureaucracy. There must be universal criteria throughout the organization, which are specific to meet the organizational objectives in the short, medium, or long term.
Economics and Business
The Economics and Business in the administration of resources is reflected as the analysis carried out on the financial availability of the company to know if it has the opportunity to fulfill its commitments and obligations with a third party.
State monetary policies, banking policies, and credit policies directly affect the market and investment. Then the economy in the administration will be in charge of seeking the maximization of benefits. The economy is then related to the decision-making process regarding the company’s internal economy and the country’s economy.
The economy in the administration seeks that all the company’s assets are used to the maximum, and that production is carried out at lower costs. So, at this moment, the production and distribution processes are related since it is sought that the result of good productivity is distributed under criteria of efficiency and effectiveness.
Logistics Director – Economics and Business
Logistics directors are responsible for managing the supply chain. They are responsible for coordinating and supervising the production, storage, distribution, and transportation of materials and products. These professionals control from start to finish all the processes.
The Scrum Master is blamed for leading work teams to achieve agile project management. He ensures that the project is developed under the Scrum framework, eliminates any problems so that the team is more productive, and ensures that the objectives are met.
The butchers or butchers can be dedicated to handling and selling sausages, preparing processed meat products, or combining both activities. Thus, they can work as employees in delicatessens, supermarkets, or factories depending on their functions.
Accounting technicians assist accountants by collecting, verifying, and analyzing financial information on their behalf. They can work in both the public and private sectors.
Telemarketers in call centers or contact centers work for companies with close telephone or email contact with their customers. Telemarketers in other call centers also work for other external companies telemarketers try.
Director of the Customer Service
The customer service manager ensures that customer needs are met and that buyers of the company’s products or services continue to place new orders. They often have to supervise a team of helpdesk employees in a shop.
Banks usually divide positions and job categories into grades, depending on the responsibility and experience required in each case. For example, new employees at a bank branch perform the more routine office tasks, while more senior ones can move up.
Building Material Supplier
Construction material suppliers sell raw materials wholesale (to the construction industry) and retail (to the general public). In addition, they deal with private individuals and suppliers, keep financial and securities records, and handle construction materials.
Clerks work in stores, warehouses, and supermarkets. They look for items that customers ask for, work at cash registers, and handle credit and debit cards and cash. Sometimes they also have to weigh and pack products.
Data Entry Technician
Data entry technicians use a computer keyboard to enter information into computer systems. They work with text and numerical data and transform said information into the required format. Many technicians also perform other administrative tasks.
Medical Center Receptionist
Medical center receptionists are in charge of receiving patients and other visitors. In addition, its functions include administrative tasks such as updating computer systems, registering appointments, confidential records of company information.
Economists analyze and interpret financial information. Next, they explore the current economic situation and forecast how factors such as unemployment and inflation levels will change. Finally, economists use their results to advise the government.
Financial advisors advise on pensions, life insurance, mortgages, savings accounts, investments, and financial protection policies. They call independent because they can advise on products and systems from the entire market and not link only.
Car dealers sell new and used vehicles. They work for car dealerships where cars display in showrooms. Car dealers serve customers, acquire new customers, and complete administration related to vehicle sales.
Real Estate Agent
Real estate agents are responsible for organizing the sale of properties. It Real estate agent firms may specialize in residential, commercial, industrial, or agricultural properties and work in rental and property management.
Delivery Man in a Van
Van delivery drivers deliver goods to customer premises. In addition to driving, they must plan the route, take care of the necessary paperwork and ensure that the merchandise properly secure to avoid damage during transport.
Laundry attendants perform laundry, dry-pressing, and bagging tasks. In addition, they may require to operate laundry machinery and equipment.
Trader of a Market
Traders in a market buy products from a manufacturer or wholesaler and sell products from a market stall. And also, Some merchants make their products. Many merchants accept and sell a specific type of product, those who specialize in food products.
However, The Entertainers are responsible for the safety of people using theme parks and fairground attractions. And also, They check that people securely fasten for the race and must watch them at all times. They also have to make sure the trip is orderly and safe.
Director of human resources (HR)
Moreover, Human resources (HR) managers help companies find and hire the right people and manage them effectively. In addition, they deal with issues such as training and development, labour relations, health and safety, wages, and.
Also Read: Reporting and Reporting System