Scope of Managerial Economics Economics has two major branches namely Microeconomics and Macroeconomics and both are applied to business analysis and decision-making directly or indirectly. Managerial economics comprises all those economic concepts‚ theories‚ and tools of analysis which can be used to analyze the business environment and to find solutions to practical business problems. In other words‚ managerial economics is applied economics The areas of business issues to which economic theories
Free Economics Macroeconomics
Scope of Economics ‘Scope’ means the sphere of study. We have to consider what economics studies and what lies beyond it. The scope of economics will be brought out by discussing the following. a) Subject – matter of economics. b) Economics is a social science c) Whether Economics is a science or an art? d) If Economics is science‚ whether it is positive science or a normative science? a) Subject – matter of economics: Economics studies man’s life and work. It does not study how a person
Premium Economics
NAME: TRAN CONG THANH CLASS: GMA02 1a.How do clusters allow us to understand business development? Think of cluster‚ we think about interconnected businesses working together in a region in a particular field. So being a part of cluster allows individuals or companies to operate more productivity and efficiency. Cluster is a typical place where receive so many support and investment from government and institutions about infrastructure in order to enhance companies ‘s productivity as well as
Premium Costa Rica Economics
Summaries Article 1 Mai‚ C.-C.‚ Peng‚ S.-K.‚ & Tabuchi‚ T. (2008). Economic geography with tariff competition. Regional Science and Urban Economics‚ 38(5)‚ 478-486. Tariff works as a tool to have government’s control over the trade .With the help of this tool a country can increase its net revenue and maintain a healthy competition in local market but high tariff repels the foreign firms sometime. Possible benefits: 1. Homegrown manufacturer’s ability to compete on price 2. Raise
Premium Economics Tariff International trade
Permanent damage to landscape – environmentalgraffiti.com With explosions and massive machines scraping into the earth’s crust like a bad case of scabies‚ its small wonder open cast mining has made what many see as an unpleasant impact on the planet’s surface. The face of the earth is beleaguered with giant scars‚ scoured out in our ongoing bid to the plunder the planet of its natural resources. Chuquicamata in Chile is a colossus of a mine that has churned up a record total of 29 million tonnes
Premium International trade Comparative advantage United States
Geography Origin of the Discipline Three Fundamental Questions Concepts Two Dimensioned Researches System of Geography Four Schools of Research Origin of the Discipline Geography (English) was first coined by Eratosthenes (270 – 192 B.C)‚ a Greek scientist/geographer‚ chief librarian of the Alexanria Library Geō = Earth Graphia = Description Concept of Geography The studies of the phenomena‚ processes and patterns of natural environment and the spatial organization
Premium Cardinal direction Geography
Management Business Economics NATURE & SCOPE OF ECONOMICS What is Economics? Issue in economics Macroeconomics Microeconomics Lecture 1 (c) Copyright MFA 11 Nature and Scope of Economics All About Economics Want and Desires Scarcity Economic Problems Opportunity Cost Production Possibility Curve(PPC) Shift of The PPC. 2 9/21/2011 Lecture 1 (c) Copyright MFA 11 WHAT IS ECONOMICS? 3 Issues in Economics Demand Competitiveness
Free Economics
Economic Geography--The Starting……. Basically the concepts of Economic Geography is interdisciplinary involving explicitly geography‚ economics and business and implicitly other social and natural sciences. So the discussion should be started with a clear concepts of economics and geography. Concepts of Economics When we think of "Economics"‚ the following words may come to mind representing concepts which we feel might be of particular concern to economists: economic activities‚ markets‚ allocation
Premium Geography Economic geography Economy
______________________________________ DEFINITION NATURE AND SCOPE OF ECONOMICS ____________________________________________________________ _______________________________________ 19 ____________________________________________________________ _____________________________________ DEFINITION OF ECONOMICS Economics is social science‚ which is concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants. A basic understanding of economics is essential for well-informed
Free Economics
Question 1.1 “According to the definition of opportunity cost‚ the more alternatives that we have given up in undertaking an action‚ the higher the opportunity cost.” Please comment on this statement and explain your answers using examples. Ans Opportunity cost of an action refers to the value of the best alternative that must be given up in order to undertake that action. That is‚ the highest-valued option forgone. The statement in the question is uncertain and is determined by situation
Premium Costs Economics Economic cost