I love reading your comments on my blogs. It helps me understand how people think. I should have started at the beginning. It is important to understand that Economics is a Behavioral/Social science. Economics is about how people make choices and the collective effect those individual choices have on society as a whole. It is to a large extend based on quantitative data.

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Managers forecast to gauge the future.  The purpose of forecasting is to become aware of environmental factors that will affect the business in order to plan for it objectively.  The two activities in the forecast step of the planning process are

  • Predictions
  • Assumptions

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