[SOLVED] Role of Business Economists

The external influences on the firm (the business environment) e.g. competition it faces, the prices its suppliers charge, the level of interest rate.Internal decisions of the firms. How to decide on prices, marketing investment.The role of business economists is description, analysis and recommendations.4?? to business environment: political (govt actions),economic(the cost of raw material), social/cultural and technological.?????BE is largely beyond its control:the state of national economy and for international trading companies of global economy.Economic environment ??2 levels??????Market environment: ??????? ???????????????????????????????????????????????????????????????????Sustainability and environmental issues????? Sustainability report address human rights and working condition.???????????pay ??????Biotechnology:The division of the factors affecting a firm into political, economic,social and technological is commonly known as a PEST analysis, add a further 3 factors to create STEEPLE analysis, environmental (ecological) factors, legal factors( ???????ethical factors???????????????????????????? ???????Deindustrialization: the decline in the contribution to production of the manufacturing sector of the economyClassifying firms into industries(?????????????An industry refers to a group of firms that produce a particular category of product. Industries can be grouped together into broad industrial sectors.