WRT economics, an understanding of the major concepts is probably more than enough: elasticity of demand, substitutes, complements, barriers to entry, network e

WRT economics, an understanding of the major concepts is probably more than enough: elasticity of demand, substitutes, complements, barriers to entry, network effect, substitution effect, income effect, (diminishing) returns to scale, altruism vs. greed, monetary vs. fiscal policy, real vs. nominal, normative vs. positive, inflation, time value of money, aligning incentives, setting precedents, and basic game theory (how to draw and play a simple game w/ payoff tables). I doubt the actual models get used outside of academia and central banks. The frameworks I have studied have been so situation-specific and strong-assumption-driven that it would take much more time and effort to cram reality into a model than to simply use high level concepts, some basic data, a few customer interviews, and intuition to inform strategy.