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Industrial Economics Homework Help
What Is Industrial Economics? Definition/Meaning
Industrial Economics is the study of how businesses or companies in different industrial fields function and compete with each other. Industrial Economics examines why some businesses fail and why others succeed. The key purpose of Industrial Economics is assessing the competitiveness of a market.
Industrial Economics also help us understand how prices in business are set, how different products get differentiated, why and how firms advertise, the level of investment firms make on production. Industrial Economics assess how businesses organize their activities and the motives behind these activities. Students taking up this course study using theoretical methods to understand firm’s and decision making process.
Career Benefits of Studying Industrial Economics
The employability level of industrial economists is relatively high. This is an entry-level course in consultancy jobs in government agencies and the private sector. Other areas of employability are; economics research organizations, financial institutions, marketing firms, self-employment (consultant), among many other opportunities. Industrial Economics is an area of study and career that is not well exploited, yet the market demand for industrial economists is high. Careers in this field of study are equally very rewarding and expose an individual to lots of knowledge, experience, and growth.
Study Workload Facing Industrial Economics Students
Industrial Economics is a course that cuts across two disciplines. That means there is a lot to be covered and studies by a student by the time they are through with the course. The study workload burden often rolls back to the student where they have to cover most of the course content on their own through assignments. All fun with your studies ends here especially considering the strict homework deadline you have to meet within the very limited time you have.
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