This should be adressed to Veronica with a 100 words minium studying business is important because it equips one with skills to plan, organize and control business activities. The knowledge and expertise gained from studying business help one to gain better insights on the market, demand patterns and therefore design a product that meets the needs and demands and customers (Ferrell, Hirt & Ferrell, 2016). A person with knowledge of business can effectively analyze the market and make appropriate business decisions. For instance, if the market presents growth opportunities, one can expand their product line. Studying business is also crucial because it equips one with business skills which can be used to starting their own business themselves. (Ferrell, Hirt & Ferrell, 2016). The individual, therefore, becomes self-employed. In addition to that, studying business equips one with financial skills hence a person with these skills can run their own business without hiring another person to perform all accounting functions, thereby managing business costs.
Economics, natural resources, human resources, and financial resources are impacted in business through the business processes. Economics involve the distribution of resources which will be used in the production process and is therefore impacted by how goods and services are produced in a social system. Natural and human resources are factors of production, and they are used in the production of goods and services (Frakt & Piper, 2014). They are therefore impacted by their rewards which include rent and wages. Financial resources comprise of sums of money which are used in the purchase of resources which are required for the production process. They include the amount of money that firms pay to households for the sale of resources. All these factors are therefore impacted by the final business processes; that is in the final products and services (Gross Domestic Product) and all the direct and indirect costs involved in the production of goods and services.
I worked in banking for years, and the knowledge I gained from it has helped me tremendously. Managing your finance is very important, and some young people sometimes fell to realize how important it is. Many finance institutions have started to check your credit score just to open a checking account. IN managing your finance will teach you how to let your money work for you.