Will learning Microeconomics and Macroeconomics provide me with the knowledge to analyze companies balance sheets and make better investments in companies? Or, should I try to acquire these skills by using some other approach? I ask this because I wish to learn how the inner components of a business systematically influence its success and then develop my own strategies after acquiring the necessary knowledge. I appreciate any feedback and I hope this question wasn't to vague.
Forget economics per se. For the macro approach, read Extraordinary Popular Delusions and the Madness of Crowds so you know what a bubble is when you see it, Fooled by Randomness so you learn the importance of randomness in the markets, and Fernand Braudel for some interesting and occasionally useful history that takes account of the economic side. For individual companies, better to learn accounting (they don't teach accounting to economics students, which I find very odd). Also, if you're taking this approach, read Security Analysis by Graham & Dodd. It's not necessary to know accounting to read it.
Yes they will. They will mostly help you understand market cycles, and most of all, supply and demand
Imo, this is the "culture" of the business.Has management properly identified it's customer and customer needs. Has management identified it's customers micro and macro economic barriers to purchase its services and products? The company and customer may share various economic impacts but it's not detrimental to it's success.