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Why managers need to know economics?

Hi this is his role is to make sure the company makes profit


What is the nature of managerial economics?

managerial economics deals with the business firm and the economic problems it need to solve.it is the integration of the economic theories and business practise with the purpose of facilitating decision making and forward planning of management.


State of the Economy in 1998?

INTRODUCTION TO MANAGERIAL ECONOMICS The word economics is derived from a Greek term "OCIO NOMOS" which means house management it explains how different individuals behave while managing their economics activities. Economics teaches us how a person tries to satisfy his unlimited desires with the limited resources at his disposal. In other word it teaches us how to use the available scares resources to meet our unlimited desires. Hear the question of choice comes in the need for choice arises in the context of "Scarcity". MANAGERAL ECONOMICS: Economics is concerned with determining the means of achieving given objectives in the most efficient manner. While managerial economics is the application of economic theory and private institutions. It is an extraction from economic theory, particularly micro economics those concepts and techniques which enable the decision. Makers to efficiently allocate the resources of the firm. If also enables the decision makers to understand the economic environment and the effect of changes in this on resources allocation within the organization Definition: Economics is deals with money or money oriented activities. According to M N Nair's and Meram "Managerial economics consist of the use of economic modes of thought to analyses business situations" According to Haynes "Managerial economics is economics applied in decision making". Nature & Scope of Managerial Economics:- The nature of economics can be known through its relation with micro and macro economics normative and descriptive economics, the theory of decision making operations research and static's. It is said that a successful business economist will try to integrate the concepts and methods from all the disciplines. The main focus in managerial economics is to find an optimal solution to a given managerial problem. The problem may relate to production, reduction or control of costs determination of price of a given product or service make or buy decision inventory decision. Capital management investment decision or human resource management. The economist is concerned with analysis of the economy as a whole where as the managerial economist is essentially concerned with making decision in the context of a single firm. The main areas of managerial economics Þ Demand analysis Þ Cost analysis Þ Production Þ Pricing decisions Þ Profit management Þ Capital management


What is the first step in making a desicion?

The first step in making a decision would be to recognize that you are in a situation in which you need to make a decision.


Is CU is responsible for decision making IN COMPUTER?

CU is not responsible for decision making, It is only responsible for how fast the computation is performed. For decision making need logical operations and for that we've some software program which perform logical operations which does decision making.


What is the process of consumer decision making?

Recognize a need


What is the definition of need in microeconomics?

In micro-economics, need is characterized as what a person needs to survive. This can be food, water, shelter, etc. Wants are what people want, but don't necessarily need.


What is the difference between a macro a micro issue in economics for the Red Cross needs blood desperately?

the difference between a macro and a micro issue is that a macro issue is something that is a big issue and a micro issue is a small issue like a big issue is something that you need alot and a micro issue is something that you don't need alot.


Why is macroeconomics important in managerial economics?

It can be important when the decisions of management are related to the whole of the social system. A possible change in the forecast of the progress of the macro-economy can result in the need for the managemental decision-making to re-align with it.


How would you describe your decision making style?

You should be able to discuss your decision-making style with a job interviewer. Interviewers need to know that you are capable of making rational decisions.


How do you think good decision making has contributed to the success of this business?

good decision making is what we need because a company is not made by a single person . Its the idea of different people who help in improving a solution and making a good decision for a successful business strategy


Why is decision making relevant to planning?

When planning, there are different options that could be chosen. Decision making is relevant to planning because decisions as to the best options need to be made.


How long does it take to design a shoe and what steps are their?

as long as you need and decision making


What is Decision Making Analysis?

Decision making analysis is a process wherein the decision making process is systematically followed to ensure that the right decision is taken.The steps that can be taken are-Identify the need for making a changeScrutinize that the change is in line with overall objectives of firmCheck the resources available for implementing the changeFormulate a framework to see the end result of the decisionEvaluate alternativesPick the best methodImplement the decisionReview it periodically.


How does marginal analysis help people in decision making?

please answer my question i am in need of it now


Difference between macro and micro economics?

The main difference is that micro-economists are wrong about specific things, while macro-economists are wrong about things in general. The differences in the natures of macro and micro economics help understand the difficulty of their being understood. Macro economics is about the management of the economy of a country or state or region or city. Micro economics is about the management of households, companies and industries. The rules that apply to the first do not always apply to the second and vice versa. Margaret Thatcher once said that any housewife who can manage the family budget could also manage the national economy. She was utterly wrong for one main reason: the national budget does not have to balance. Governments can spend more than they receive in taxes and other revenues because they can borrow and they can defer payments by a wide range of means - which households and companies can't. Therefore, the theories and principles behind micro economics do not or need not apply to macro economics. The former is concerned with balance and prudence and small-scale planning. The latter is about managing the imbalance, taking risks and making long term plans that require ignoring immediate problems or benefits.


Issues in strategic decision making?

§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.


What qualifications does one need to become a loan broker?

In order to become a loan broker, one would need to have at least a high school diploma or, better yet, a bachelor's degree in finance or economics. One would also need good decision-making skills as well as some experience in customer service or sales.


How would you recommend I go about finding economics courses that meet my needs?

To discover which courses you will need to get ahead in your economic career, you will first need to take an introductory course in both microeconomics and macroeconomics. With these courses, you will have a better chance at making an informed decision about which courses you will then nee to take. Additional economics courses include Money and banking, History of Economic Thought and Labor Economics, just to name a few. Since students of economics need to put to use the ability to large amounts of data and information and present it in a clear and concise manner, students will greatly benefit from courses in technical writing and business communications.


What skills do you need to work in a service-oriented environment?

customer service decision making


What is the difference between planning and decision making?

Decision making is required during planning but planning is forming a plan before doing. Decision making is required while doing because unplanned things happen.


What is the Link between a problem and a decision making?

Understanding what kind of solution you need an if you are willing to follow through.


Confidence in decision making?

yes, because you need to state your opinion on the decision you are making and let people know that that decision you are making is for the best and it is for you. if you answerthe ? with how you really feel your confidence level goes way up because you spoke your mind in your decision you made.if you let people make you decisions for you who is to say your going to let some one run your whole life for you, if that happens you have no confidence to do it on your own. :)


What piece of apparatus do you need to see micro organisms?

A Micro Scope


What skills of manager need to possess?

The skills that managers need to possess include leadership and commitment. Managers also need to possess decision making skills and compassion.