1. As a manager, you're constantly thinking about supply and demand, even if not specifically in those terms. You're wondering if people will buy a new product you are developing, for example, or you're trying to figure out if you have enough units on hand to fill all the orders customers made after a marketing campaign.

a) While we all recognize the importance of supply and demand in the business world, it's important to go further into what it means in terms of reaching your objectives. Discuss five reasons why demand analysis essential to your firms.

b) Is economics vital in the realm of business?