From the course: Economics for Business Leaders
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Demographics and future economic outlooks
From the course: Economics for Business Leaders
Demographics and future economic outlooks
- Most business leaders don't go into business because of demographics, but they might use demographics to inform and justify any number of strategic business decisions. Demographics is data about people. It's about population growth, age, gender, race, and ethnicity. This kind of data may sound boring and predictable, it's because it is. But if you're a business leader, that's exactly the kind of data you want to base your decisions on. You want to know that your long-term plans and strategies have a high probability of coming to fruition. And if you're basing them on demographics, the odds that you get there are pretty high. For example, if you're trying to make strategic decisions about where to place new nursing homes, you probably want to be looking at the upper part of what's known as the population pyramid. A normal population pyramid looks a bit like this with lots of babies and children at the bottom, a smaller…
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