Final answer:
Information helps managers make wise economic decisions by providing them with the desired information in an appropriate format at the preferred frequency.
Step-by-step explanation:
Business
Information plays a crucial role in helping managers make wise economic decisions. It provides them with the desired information in an appropriate format and at the preferred frequency. This enables managers to analyze and interpret the information effectively, leading to informed decision-making.
For example, managers can use information to determine how many resources to allocate for a particular project or task. They can analyze data on previous performance, market trends, and customer preferences to make informed decisions on resource allocation.
Additionally, information helps managers monitor and evaluate the outcomes of their decisions. By regularly reviewing relevant data, managers can assess the effectiveness of their economic decisions and make adjustments as needed.