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This is the branch of economics which deals with business and economics both. It deals with human beings (Consumers, suppliers etc) It applies in decision making for the firms and provides the business laws which should be applied for problems. Identifying the problems and solving the problem are two different elements for business decision making firm. However appropriate decision making is not at all easy task to do in this changing world. Past records and knowledge are taken into considerations for business decisions and managers make future decisions for the same. Inventory management is the task for the managers to handle.
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