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What is the importance of Industrial Economics?
To increase sales, maximizing customer satisfaction is important. For that to occur, deep knowledge about the demand and supply of products is important. These general principles of economics when used on a large scale for the benefits of any industry are known as industrial economics. Apart from understanding how the performance of a company affects any society, the topic also provides information regarding costs and benefits that occur due to changes in production values. In industrial economics, you study about different types of industries, firms, and markets including the local corner shop and multinational corporations like Walmart. Industrial economics can be used to -ess the impact on several businesses including, but not restricted to, restaurants, the automobile industry, electricity generation, etc.
Considering the impact it has on different industries, economies, and society, students who have chosen industrial economics as their subject, find employment as data -ysts, economists, financial planners, financial consultants, financial risk -ysts, accountants, investment -ysts, and economic researchers.
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