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Concept of economic competence of trading enterprises

Author

Listed:
  • Anna Loi

    (State University of Trade and Economics)

Abstract

Studying the issue of economic competence of a trading company is an important step towards the successful realization of its economic potential. The foundation of economic competence lies in a deep understanding of the principles and methods of economic analysis, as well as the ability to apply them in practical activities. Trading enterprises with developed economic competence can quickly react to market changes, efficiently manage resources, and ensure stable profits. Such enterprises actively apply economic analysis tools to make crucial decisions regarding production, sales, and marketing of their products. Economic competence also encompasses knowledge and understanding of the legislation regulating the activities of trading enterprises. Enterprises with a high level of economic competence comply with all norms and requirements regarding taxation, accounting, and reporting. An important aspect of economic competence is the ability to think innovatively and use the latest technologies. Trading enterprises that can apply the latest production and marketing technologies can achieve high results and ensure a stable competitive advantage in the market.

Suggested Citation

  • Anna Loi, 2023. "Concept of economic competence of trading enterprises," Economic Synergy, Higher Educational Institution Academician Yuriy Bugay International Scientific & Technical University, issue 3, pages 128-142.
    • Handle: RePEc:bja:isteus:y:2023:i:3:p:128-142
    DOI: 10.53920/ES-2023-3-9
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    File URL: https://es.istu.edu.ua/EconomicSynergy/article/view/129/104
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