To be successful leaders in the global business world of the 21st century, managers must consider economic trends, behavior, and ramifications of economic decisions. Managers must also balance the pressures to react in the short term and plan for the medium term and long term. Using 300 to 400 words address the following: • Describe how economic theories and principles help you think about economic behavior. • Explain how economic insights are useful in decision making from a personal and business perspective.