What is the opportunity cost of going to the pub?
The financial crisis began in 2008. Seven years later, the UK economy is still struggling to recover. Why is this? The economy is an important external factor that affects the performance of businesses. It therefore makes sense for managers to have some understanding of economics.
Economists try to influence policy in order to raise the quality of life. They have many ways to measure the quality of life and economic development in different countries, because hundreds of different factors affect the standard of living. That said, we can break down economic development into two components:
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