1. What do you understand by Managerial Economics? Give Definition and meaning of Managerial Economics. Economics is the branch of Knowledge that deals with how the scarce resources can be used to produce valuable goods and services and distribute them efficiently among different classes of people in the society. What is Managerial Economics? Douglas - “Managerial economics is the application of economic principles and methodologies to the decision-making process within the firm or organization
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sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop the strategy for the overall growth of an organization. They are the two most important fields in economics‚ and are necessary for the rise in the economy. Microeconomics focuses on the market’s supply and demand factors‚ that determine
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MANAGERIAL ECONOMICS MEANING OF MANAGERIAL ECONOMICS Managerial economics‚ used synonymously with business economics‚ is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. It acts as the via media between economic theory and pragmatic economics. Managerial economics bridges the gap between ’theoria’ and ’pracis’. The tenets of managerial economics have been derived from quantitative techniques such as regression
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Sir John Hicks "An economy consists of nothing else but an enormous cooperation of workers or manufacturer to make things and do things which clients want." The Vital Functions of an Economy:- Production‚ consumption and growth are vital factors of economics. Economies might differ in the organization but all perform these three functions which are discussed below. 1. Productions:- The First vital process of an economy is manufacture which must go on incessantly. "Production comprises any action
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Economics October 5‚ 2010 An economic system consists of production‚ distribution/consumption of goods and services of an economy (Grolier). Without any of the above an economy would not become as industrialized and successful as either the United States or have the worldwide trade system Saudi Arabia maintains today. The basic economy is composed of its national factors‚ whether or
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ECONOMICS CHAPTER 1 ECONOMIC WAY OF THINKING SCARE RESOURCES WEALTH OF THE NATIONS ECONOMICS: ADAM SMITH STAR CITY Scarcity Scarcity is the basic and central economic problem confronting every society. It is the heart of the study of economics and the reason behind its establishment. Authors have defined scarcity in various way some if which are complexly stated. One author defines scarcity as a commodity or service being in short supply‚ relatives to its demand (Kapur
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Macroeconomics Basic economics concepts Basic economics problems Production possibilities curve INTRODUCTION Economics is one of the oldest disciplines among the humanities and is categorized as a social science. Economics examines and analyses the economic activity of people in order to satisfy their needs and desires. Human wants are the starting point of economic activity and provide the basis for economics. Generally‚ economics deals with the economic problems of individuals
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CostEconomic SystemMarketProfitDemandSupplyElastic- Economics Final Exam Study Guide Name_________________________________ InelasticPartnershipCorporationSole ProprietorshipMonopolyOligopolySurplusShortageIncentiveWagner Act of 1935Collective BargainingBoycottAntitrustGross National Product (GNP)EquilibriumFree Enterprise SystemEntitlementsFiscal policyMonetary PolicyConsumer Price IndexEquilibrium PriceComplementsEffective Demand- Economics Final Exam Study Guide Name_________________________________
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DEPENDENCY THEORY: - Economic development theorists over the last few centuries have developed models for explaining the “undeveloped-ness” of countries in the third world countries. From Durkheim to the International Monetary Fund (IMF)‚ we have‚ time after time‚ come to witness the rise and fall of development theories and their explanations for the predicament that many poor countries face. Dependency theory has (more so than others) lasted a great deal of time in the framework of the international
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and pull factors regarding brain drain appear to be rooted in the unequal economic development of the emigration and immigration countries. Push Factors Agha Khan Medical University conducted study about the brain drain of (doctors) from Pakistan. As per research 95% of the students of AKU and 65% students of BU want to emigrate due to poor salary in Pakistan along with poor quality of training and work environment. Syed Jafar Askari viewed terrorism and economic crises are the main factors which forced
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