Chapter 11 – Decision Making What is Decision Making? * Decision making – the process of developing a commitment to some course of action * Can also be described as a process of problem solving * Problem – a perceived gap between an existing state and a desired state Well-Structured Problems * Well-structured problems – a problem for which the existing state is clear‚ the desired state is clear‚ and how to get from one state to the other is fairly obvious * Decision making takes time
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1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
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In economics‚ there are many fallacies that exist. In relation to economics‚ a fallacy is a policy or theory that can be misleading if based on faulty reasoning yet is still accepted by many as fact. Economists attempt to use information based on statistics and facts in order to hypothesize relevant theories. Due to the fact that economists and others that are involved in making decisions on economic policies are human‚ human error can occur. As a result‚ policies put in place that seemed logical
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SS8E5 The student will explain personal money management choices. SS8G2a Explain how the four transportation systems interact to provide domestic and international goods to the people of Georgia. SS8G2b Explain how the four transportation systems interact to provide producers and service providers in Georgia with national and international markets. SS8G2c Explain how the four transportation systems provide jobs for Georgians.
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COURSE: BACHELOR OF COMMERCE (BCOM) UNIT: INTRODUCTION TO MACRO-ECONOMICS QUESTION: MICRO-ECONOMICS AND MACRO-ECONOMICS INTRODUCTION Economics is the foundation of all commercial activity and comprises two areas: microeconomics and macroeconomics. Macroeconomics is concerned with the big picture‚ for example‚ the national economy and gross domestic product. By contrast‚ microeconomics is concerned with the small picture and focuses on theories of supply and demand. Microeconomics is
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ECONOMICS ANALYSIS FOR BUSINESS UNIT – 1 1. What is Economics? Economics is the science which studies human behaviour as a relationship between ends and scare means which have alternative uses. 2. Definition of economics According to “Adamsmith” Economic is a social science the deals with human behaviour pertaining to production‚ Exchange and consumption of goods and services. 3. What are basic concept of economic? * Resource allocation * Opportunity cost * Diminishing marginal
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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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Managerial Economics Final Project Fajwa’s Apparel Outlets Iqra Fayyaz (10223004) Malik Usman Khan (10223001) Sufyan Adil (10223024) Jabbar Ahmed(10223006) Mohd. Salman (08110104) Instructor: Dr. Tasneem Akhtar GIFT Business School GIFT University ACKNOWLEDGMENT In the name of ALLHA ALMIGHITY the lord of the world who has bestowed us with abilities and blessed with knowledge so that we can make best of opportunities provide to us. First of all we are indebted toward ALLHA ALMIGHTY
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manbozor@yahoo.com ___________________________________________________________________________ Objectives: To offer first class solutions that will enhance the accomplishment of my Company’s goal and develop my skills for maximum input. Personal Data: Sex: Male Marital Status: Single Date of Birth: 15/11/1987 State of Origin: Imo Nationality: Nigeria Education: Federal University Of Technology Owerri‚ Imo State First Computer College‚ Kaduna State
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DECISION MAKING INTRODUCTION Decision making is an essential aspect of modern management. It is a primary function of management. A manager’s major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager’s activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives
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