While marketing focuses on delivering consumer needs, economics takes a look at the relationship between those needs (and wants) and how they:
O address consumer concerns
O impact the stock market
O relate to supply
O affect human behavior
O affect human behavior
Economics studies the impact of consumer needs and wants on human behavior. It analyzes how individuals and groups make decisions based on their needs and wants, and how these decisions ultimately shape the economy. For example, if consumers have a high demand for a certain product, it may lead to increased production and investment in the industry, affecting job creation and overall economic growth. Economics also examines how consumer behavior is influenced by factors such as price, income, and availability of goods and services.