A Review of Basic Economic Concepts
The single most powerful concept in the world of business is Economics.
Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth or value. It is the scientific study of human action and behaviors, particularly as it relates to human choice and the utilization of scarce assets to achieve certain outcomes.
Technology is interesting and cool; it's that new shiny thing. But technology on its own is only a tool, and a tool is only as valuable as how it is used to derive and drive new sources of wealth or value.
As organizations try to determine the value of their data and analytics, they need a mechanism or framework around which to make those valuation determinations—which means understanding basic economic concepts. While some of you may have taken an economics class in college not too long ago, some more "seasoned" readers may be rusty. So, let's take the time for...
