Lesson - 1 Business Economics- Meaning‚ Nature‚ Scope and significance Introduction and meaning : (Author : Dr. M.S. Khanchi) Business Economics‚ also called Managerial Economics‚ is the application of economic theory and methodology to business. Business involves decision-making. Decision making means the process of selecting one out of two or more alternative courses of action. The question of choice arises because the basic resources such as capital‚ land‚ labour and management are limited and
Premium Utility Economics Consumer theory
THE NATURE‚ SCOPE AND METHODS OF ECONOMICS THE INDIVIDUAL AND SOCIETY:- Most introductory textbooks of Economics begin by asking the question ‘What is Economics about?’ Although Economics is a vast subject and precise definitions are usually complex and controversial‚ it is not a difficult matter to give a simple and sensible answer to this basic question. Economics is essentially a study of the ways in which people provide for their well-being. Economists are concerned with the study of
Free Economics
Legal Education and Scope in India – A perspective “Justice that love gives is a surrender‚ justice that law gives is a punishment” - Mahatma Gandhi If you have ever felt that law in general is Greek‚ you may or may not be right. Did you know that India today breed the larges number of legal professionals in the world? According to a Harward Law School report‚ there are approximately‚ 1.3 million registered attorneys‚ and half a million Indian law students pass out every year from various
Premium Law
Background After building a successful global operation including stores in Russia and China‚ Metro Cash & Carry (MCC) are struggling to transplant their business model in India. This demonstrates the importance of local political backing in emerging markets and how a successful model (e.g. a political welcome and direct supply from farm to store) wasn’t followed. Despite sales growth‚ expansion in India has been disappointing predominantly because of restrictions in buying directly from farmers
Premium Strategic management Marketing Supply chain
Scope of International Operations International operations for Bally’s Total Fitness and Wal-Mart are responsible for a significant amount of growth as well as profitability. Bally’s is the largest‚ and only nationwide‚ commercial operator of fitness centers‚ with approximately four million members and nearly 430 facilities located in 29 states‚ Canada‚ Asia‚ Europe and the Caribbean. As of June 30‚ 2005‚ Bally’s opened fitness centers in over 45 major metropolitan areas representing 63 percent
Premium Management United Nations Globalization
UNIT-1 THE NATURE AND SCOPE OF MANAGERIAL ECONOMICS Nature Of Managerial Economics Managerial Economics and Business economics are the two terms‚ which‚ at times have been used interchangeably. Of late‚ however‚ the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. The prime function of a management executive in a business organization is decision-making and forward planning. Decision-making means the process of
Premium Marginal cost Pricing Supply and demand
E-COMMERCE FOR WHIRLPOOL OF INDIA” is a record of project work done independently by Shubhangi Singh‚ under my guidance & supervision and that it has not previously formed the basis for the award of any degree‚ fellowship or associate ship to her. Date: Mentor (Mr. Girish Banwait) DECLARATION I hereby declare that this project work titled “SCOPING THE STRATEGY ON E-COMMERCE FOR WHIRLPOOL OF
Premium Whirlpool Corporation Brand Home appliance
understanding and commitment‚ strategy-implementation efforts face major problems. Implementing strategy affects an organization from top to bottom; it impacts all the functional and divisional areas of a business. It is beyond the purpose and scope of this text to examine all the business administration concepts and tools important in strategy implementation. Even the most technically perfect strategic plan will serve little purpose if it is not implemented. Many organizations tend to spend
Premium Strategic management Strategic planning
Unit – I Nature & Scope of Managerial Economics Contents Fundamental Economics Concepts: Opportunity Cost‚ Discounting principle‚ Time perspective‚ Incremental reasoning‚ Equi-marginal concept. Marginal concept in economics. Economics of information: Risk‚ Uncertainty‚ Asymmetry of information‚ Adverse Selection‚ Market Signaling. The theory of firm; Econometric Models & Economic optimization. ____________________________________________________________________________________
Premium Economics
Project Scope and Estimation of Time and Cost PROJECT KICK-OFF MEETING -The Kickoff Meeting is the first meeting with the project team and the client of the project. This meeting would follow definition of the base elements for the project and other project planning activities. This meeting introduces the members of the project team and the client and provides the opportunity to discuss the role of each team member. Other base elements in the project that involve the client may also be discussed
Premium Project management