Economics is concerned with the way limited resources are distributed/allocated among alternative uses to satisfy unlimited human wants. It helps to understand the nature and organization of society and the operation and behaviour of business firms and other economic decision-making units. Microeconomics deals with the economic behaviour of individual units (consumers‚ firms‚ resource holders): how scarce resources are allocated among alternative uses; the role of prices and markets. Macroeconomics
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(buildings‚ machinery‚ and equipment) used to produce goods and services - kapitál Cost - the amount of money paid or needed for buying‚ doing or producing something - náklady Economic good - a good or service that is both useful and scarce and therefore has a price - ekonomický statek Economics - the study of how people use their limited resources to satisfy unlimited wants - ekonomie Economy - an organized system of the production‚ distribution and consumption of wealth
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decision making. It summarizes the economic view of behavior and contrasts it with other views. The chapter presents a graphical analysis of utility maximization and decision making under uncertainty. The concepts in this chapter are an important foundation for subsequent material in the book. CHAPTER OUTLINE ECONOMIC BEHAVIOR: AN OVERVIEW Economic Choice Marginal Analysis Managerial Application: Marginal Analysis of Customer Profitability Opportunity Costs Managerial Application: Opportunity Costs and
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THE UTILITY CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on
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MS- 09: MANAGERIAL ECONOMICS ASSIGNMENT Course Code : MS- 09 Course Title : Managerial Economics Assignment Code : 9/TMA/SEM-II/2010 Coverage : All Blocks Attempt All the Questions. “A close relationship between management and economics has led to the development of managerial economics.” Explain this statement. BOOK NO 1 PAGE NO. 7 Managerial Economics consists of the use of economic modes of thought to analyse business situation Spencer and Siegelman have
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"Managerial decisions are an important cog in the working wheel of an organisation. The success or failure of a business is contingent upon the decisions taken by managers. Increasing complexity in the business world has spewed forth greater challenges for managers. Today‚ no business decision is bereft of influences from areas other than the economy. Decisions pertinent to production and marketing of goods are shaped with a view of the world both inside as well as outside the economy. Rapid changes
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Nature and Scope of Operations Management Operations management is often used along with production management in literature on the subject. It is therefore‚ useful to understand the nature of operations management .Operations management is understood as the process whereby resources or inputs are converted into more useful products .A second reading of the sentence reveals that‚ there is hardly any difference between the terms produ7ction management and operations management .But‚ there are a least
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W. Cris Lewis MANAGERIAL ECONOMICS (Economics 4010) Business 302A T-TH 12:00-1:15 pm (Business 209) clewis@econ.usu.edu (CRN #10732) Office Hours: T-Th 10:00 a.m.–11:30 a.m. and by appointment Spring 2007 Text: H. Craig Petersen and W. Cris Lewis‚ Managerial Economics‚ 4th edition (New York: MacMillan) 1999 (Required) Workbook: H. Craig Petersen and W. Cris Lewis‚ Managerial Economics: Study Guide w/Software (New York: MacMillan) 1999 (Not required but useful and on reserve in the library). Course
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Nature of Strategic Management The strategic-management process does not end when the firm decides what strategy or strategies to pursue. There must be a translation of strategic thought into strategic action. This translation is much easier if managers and employees of the firm understand the business‚ feel a part of the company‚ and through involvement in strategy-formulation activities have become committed to helping the organization succeed. Without understanding and commitment‚ strategy-implementation
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THE NATURE AND DEFINITIONS OF MARKETING MARKETING • Marketing is definitely not the business of inducing people to buy what they don’t really need. • Marketing activities does not help to influence buying decisions ‚ especially in the choice between competing brands. MARKETING according to Peter Drucker • “True marketing starts out with customer‚ their demographics related needs and values. It does not ask‚ ‘What do we want to sell?’ It asks‚ ‘What does the customer want to buy’ It does not say
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