Exploring the Role of Mathematics in Economics: The Application of Mathematics in the Modern Economy

Tiur Malasari Siregar; Bunga Intan Purba; Ega Florentina br Haloho; Indriyani Friska Tinambunan

doi:10.55927/modern.v4i2.52

Authors

Tiur Malasari Siregar Faculty of Mathematics and Natural Sciences, Universitas Negeri Medan
Bunga Intan Purba Faculty of Mathematics and Natural Sciences, Universitas Negeri Medan
Ega Florentina br Haloho Faculty of Mathematics and Natural Sciences, Universitas Negeri Medan
Indriyani Friska Tinambunan Faculty of Mathematics and Natural Sciences, Universitas Negeri Medan

DOI:

https://doi.org/10.55927/modern.v4i2.52

Keywords:

Mathematics, Economics, Economic Models, Financial Risk, Decision-Making

Abstract

Mathematics plays a fundamental role in modern economic analysis by enhancing forecasting accuracy, risk management, and business strategies. This study aims to explore the contribution of mathematics to economics through a qualitative descriptive method by analyzing relevant literature and case studies on the application of calculus, algebra, and statistics in economic planning. The findings indicate that calculus aids in analyzing changes in economic variables, algebra is utilized in business optimization models, and statistics play a crucial role in data analysis and evidence-based decision-making. Mathematical models have proven to improve the accuracy of economic predictions and the effectiveness of business strategies, enabling more rational decision-making in the face of economic uncertainty. This study highlights that a deep understanding of mathematical concepts can support more efficient decision-making in an increasingly complex economic environment, providing valuable insights for policymakers and business practitioners in addressing economic challenges through data-driven and quantitative analysis.

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