Economic analysis involves the systematic approach to examining the allocation of resources, production, and distribution of goods and services, aiming to understand the mechanisms of economic systems and inform decision-making. It employs quantitative and qualitative methods to evaluate economic variables, forecast trends, and assess the impact of policy changes on different sectors.

Economic Analysis

Economic analysis

Allocation of resources is the process of distributing available resources among various projects or business units. The aim is to use resources as efficiently as possible to maximize outcomes and meet organizational objectives.

allocation of resources

production

distribution of goods and services

mechanisms of economic systems

Decision-making is a cognitive process that involves selecting a course of action from multiple alternatives, often under conditions of uncertainty. It is influenced by various factors such as individual biases, available information, and the decision-making environment.

decision-making

Quantitative methods involve the systematic empirical investigation of observable phenomena via statistical, mathematical, or computational techniques. These methods are essential in fields such as economics, psychology, and social sciences for analyzing data and drawing evidence-based conclusions.

Quantitative Methods

Qualitative methods are research strategies focused on understanding phenomena through the collection of non-numerical data, such as interviews, observations, and textual analysis. These methods aim to provide in-depth insights into the social, cultural, or personal experiences of individuals or groups, often prioritizing context and meaning over generalizability.

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