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| Topic: |
Business
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| Number of pages / Number of words: |
3 / 653 |
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This flawed reasoning creates problems when applied to the economy. What works for a small businesses or household does not work for macroeconomy. This was chosen to demonstrate how applying one policy or thought process is not always right for everyone.
“Another pitfall in economic thinking is the assumption that what is true for one individual or part of a whole is necessarily true for a group of individuals or the whole...
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This concept can be used through:
- Decision making
- Managerial procedures
- Company policies
Policy economics helps create guidelines that achieve specific goals. Not only does this apply to solving a problem but also to further specific goals. Using policy economics helps business and executives put together procedures that help attain specific objectives...
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