Role of Mathematics in Business Economics - 1407 Words

Role Of Mathematics in Business amp; Economics Introduction: Mathematics have been one of the primary elements of business and economics since ancient times, when farmers had to count the animals in their possession and merchants had to have a clear picture of their goods value. With the introduction of money as the universal legal tender, all goods acquired a numerical value, making math calculations even more important. Furthermore, in the competitive global market environment of today, businesses have to take advantage of every opportunity for profit, making frequent statistical market analyses a necessity. Business Mathematics: Business mathematics is mathematics used by commercial enterprises to record and manage business†¦show more content†¦Tax Records Basic math skills make it easier to file and maintain tax records, a necessity for individuals and businesses alike. And taxes like sales tax, property taxes, unemployment tax and social security taxes must be monitored. Without basic math skills, it is easy to make a mistake; errors in figuring taxes will likely lead to an audit, a complicated procedure, or a loss of significant amounts of revenue. Payroll Math is important when dealing with payroll systems. It allows you to calculate percentage raises, figure cost-of-living increases, or calculate how much an employee owes into his or her health savings accounts or insurance premiums. Other Decisions Math is important when making even general business decisions, like whether to expand into a new branch, whether you can afford to hire another employee, or if you can market a product nationally. Knowledge of basic math makes interest calculations, markups and markdowns, credit lines and mortgage calculations less tedious and time-consuming, saving you and your customers time and money. The Use of Mathematics in Business amp; Economics: The types of math used in economics are primarily algebra, calculus and statistics. Algebra is used to make computations such as total cost and total revenue. Calculus is used to find the derivatives of utility curves, profit maximization curves and growth models. Statistics allows economists to make forecastsShow MoreRelatedHow Business Is An Expansion Or Recession By Their Look And Attitudes At Dinner Essay1043 Words   |  5 PagesWhen I was young, my parents started their business supplying steel to construction firms. They often talked about their business when we had dinner. Since their business is closely related to the overall macroeconomic situation, I got a sense about business cycle at an early age. I could judge whether it is an expansion or recession by their looks and attitudes at dinner. Also, I got a feeling about how the business could function in the environment of competition before I entered high school. 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