workers
workers
Workers or Producers
What to produce? A nation must determine what good or services that they want to produce. How many and when?How to produce? Who will do the production, the resources and what production techniques they will use.For whom to produce? Who will gets the services and who will buy the goods produces.
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?
Everyone studying Economics.
workers
Workers or Producers
Workers or Producers
What to produce? A nation must determine what good or services that they want to produce. How many and when?How to produce? Who will do the production, the resources and what production techniques they will use.For whom to produce? Who will gets the services and who will buy the goods produces.
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?
For what?
everyone studying economics
Everyone studying Economics.
Everyone studying economics
Resources must be allocated because there are not enough resources to produce all of the goods and services that everyone wants.
a decision that depends on the economy that is currently in place. the decision must depend on the economy of the time that the decision is made.
Both! The ideas and concepts behind managerial economics all have a scientific basis. Some managerial decisions made using managerial economics can employ scientific explanations. On the other hand, many managerial decisions made using the concepts of managerial economics are very subjective. One must, for example estimate the intentions of competitor firms. While some of this is scientific, some of it is luck and some of it is an art.