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☆☆☆☆☆what are the economic tool which help manager in decision making
Failure to understand the basic definitions is perhaps the most frequent cause of difficulty or failure when studying economics.
john maynard keynes
Oppertunity cost.
The best definition is that by Lionel Robins, "Economics is the social sciences which studies human behavior as a relationship between ends and scare means which has alternative uses"
when will a cost benefit analysis be done
considering whether companies or the government should make the goods.
capital
They organize resources to try to meet a society's wants and needs.
People try to fulfill both with limited resources.
People have unlimited wants and limited resources to fulfill them.
A foreign country begins exporting the product in high volume.
An industrial assembly line
People make economic choices about what to do with their
resources.
A store that buys a shipment of computers can't afford to buy any new phones
