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The study of industrial economics is vital for universities all around the globe as it helps the students in solving everyday financial problems. The subject of industrial economics deals with the study of industries, firms, and also markets. It takes looking at the firms and industries of all the sizes which may include the various local shops which are located at almost every corner of the area being referred, ranging to the various multinational firms which work and operate all over the world and have a turnover of gazillions. It also deals with subindustries which have a long chain of product line including electricity, car production, restaurants, hotels and so much more, industrial economics basically deals with the various efforts on the steed and reach of the strategic behavior of the monopolies and oligopolies along the policy of the public which may sometime even bring implications. Also, the subject of industrial economics helps the students understand how industries change overtime due to the economical conditions of the country, world, and themselves as well. It also gives them a glimpse and sight of how the various firms and industries work and organize their operations, functions, and activities as well as to make sure their underlying motivation and objective are not hampered.
Industrial economics deal in both micro and macro aspects. It may talk about a single firm or also talk about a particular industry which complies a number of firms. It deals with the various economic, issues, problems, and various economic aspects which take place within a firm, organization, institute, and also industry and what effect it has on the external environment of the same for the country, society, and the world.
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