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`The Importance of Studying EconomicsLandon H.J. EwersBUS 5421: Managerial EconomicsDr. Sally Sledge07 June 2017
BUS 5421: The Importance of Studying EconomicsWhy I Think Economics is Part of CurriculumI believe that economics is a part of my Masters of Business Administration because of the different type of rigor associated with learning it. From my perspective, I find it to be a difficult subject for me to grasp. However, I do see its application to business strategy, marketing of products, or how an organization chooses to finance initiatives. In marketing, we learn that there are four ‘P’s of marketing: Price, Product, Promotion, and Positioning/Place. Only a change in either product, promotion, or positioning/place can affect the price. Economics, to me, does not seem to completely conflict in how it speaks to price elasticity but rather build upon marketing. I may be missing the mark here, but when we cover examples such as the Virginia Vanity plate costing $25 today and up to $75 tomorrow- this applies.