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The Importance Of Industrial Economics

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Industrial Economics is the study of firms, industries and markets. It looks at firms of all sizes, from local corner shops to multinational giants such as WalMart or Tesco. And it considers a whole range of industries, such as electricity generation, car production and restaurants. When analyzing decision making at the levels of the individual firm and industry, Industrial Economics helps us understand such issues as, the levels at which capacity, output and prices are set, the extent that products are differentiated from each other, how much firms invest in research and development (R&D), how and why firms advertise. In the international dimension, firms have the option to source inputs or outsource production overseas. Industrial Economists are also highly employable. There is an entire industry of consultancies and government agencies concerned with competition policy. There is an equally large set of consultancies and regulators which are concerned with the economics of regulation. In this essay we will discuss more about how the industrial economy studies affect job creation. Job creation as in the dictionary means new jobs have been developed to the unemployment. In the economy it can be related with the unemployment rate and also the economic growth.

When firm go for the source input production means that increase the domestic industries. This will give benefit to the supplier in the country. If firm go for the outsource productions it tend to increase their
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