Generally speaking, the industrial economy concerns those activities combining factors of production (facilities, supplies, work, knowledge) to produce material goods intended for the market. The following are the important objectives of industrial economics: to achieve the assigned target for the development of industries. to provide information about sources of nature, climate for the industrial growth, supplies for production etc. Industrial economics comprises two broad elements, called: (i) Descriptive elements, and (ii) Business policy and decision making. Descriptive element deals with industrial and commercial organisations of nations. Industrial Economics helps to understand issues such as the levels at which prices, capacity, and output are set, the variation factor between the commodities, the money to be invested in 'research and development' (R&D) and the require and capacity for advertising, as well as providing insight into how the company.

Gokul JL

190 resources

1

1

0

Like