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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
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Who controls a mixed economy?
The state controls a mixed economy!
When a State planned economy transitions toward a free market economy they engage in privatization of resources. For privatization to be successful what must the State also do?
When a State planned economy transitions toward a free market economy they engage in privatization of resources. For privatization to be successful what must the State also do?
What political system calls for government control of the economy?
Communism is the political system that called for government control of the economy.
When was National Administrative Department of Solidary Economy created?
National Administrative Department of Solidary Economy was created in 1998.
What is Cuba's economy?
Cuba can be a market, command, or traditional economy. It is a socialistic economy.
What is the economy of Washington state?
is the basis of Washington state economy is wildressources
Why is Israel is a command economy country?
Israel was a command economy by the 80's, but after a transition that finished in 1998 it is now a market economy.
Who controls a mixed economy?
The state controls a mixed economy!
What is true about North Korea?
Famine and poor economy & Socialist regime are true!
Which system involves total government control of a nation's economy?
Communism is the political system that called for government control of the economy.
How do state constitution control the economy?
State constitutions control the economy because they decide how to raise and spend taxes, and that is how state constitutions control certain aspects of the economy.
When a State planned economy transitions toward a free market economy they engage in privatization of resources. For privatization to be successful what must the State also do?
When a State planned economy transitions toward a free market economy they engage in privatization of resources. For privatization to be successful what must the State also do?
What political system calls for government control of the economy?
Communism is the political system that called for government control of the economy.
What type of economy was Romania?
Before 1989 Romania has a socialist, planned economy, state economy.
When was National Administrative Department of Solidary Economy created?
National Administrative Department of Solidary Economy was created in 1998.
What is Cuba's economy?
Cuba can be a market, command, or traditional economy. It is a socialistic economy.
What is the fuel economy of a 1998 dodge ram 1500 diesel?
There wasn't a 1998 Dodge Ram 1500 diesel.
