The role of economics in business management: trends and practices

Abstract

In today's fast-shifting global economy, business schools know their graduates have to be prepared in management and economics just to make it. This article aims to defend the place of economics in business management, explaining why it is an essential part of making decisions and managing relations. Management applies the theoretical framework that economics does not provide for real-world strategies. To do this, I identify the following tasks: to demonstrate where economics and management meet; to determine current economic tracks in business management; to identify best practices in business management. In this article, we discuss essential business economics trends such as globalization, digitalization and sustainability. Next, we take a closer look at leading practices such as those regarding data-driven decision-making and organizational agility followed by workforce development. It also covers issues like economic environmental changes and market saturation, future growth planning