Managerial Economics Meaning: - Managerial Economics deals with money/income. It helps in decision making regarding sales‚ production‚ and profit. It is a branch of economics that applies microeconomics analysis to decision methods of businesses or other management units. Artha – Money/Income Shasthra – Body of Knowledge Economics – Body of knowledge which deals with the management of money. DEFINITIONS OF MANAGERIAL ECONOMICS • According to
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Importance Of Economics Everyone is a part of economy and everyone uses the rules of economy too. From the time we are born‚ we become consumers of various products and services (say‚ medical services‚ baby foods‚ and so on). We grow and diversify to attain various different roles as producers‚ traders‚ mediators and agents. Today’s world is that of “economic imperialism”‚ where economical factors‚ most importantly‚ money dictates all the elements of the society‚ not to forget close family relations
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activities‚ social and economic factors and technological developments. Social or Societary environment of business means all factors which affects business socially . Every business works in a society ‚ so societies ’ different factors like family ‚ educational institutions and religion affects business . Economic dimensions of environment Economic environment refers to the aggregate of the nature of economic system of the country‚ the structural anatomy of the economy to economic policies of the
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reference to Zara’s business. Zara’s international strategy framework of market entry‚ market selection and marketing approach is the driver behind the internationalisation strategy of Zara. When it comes to market entry‚ the question now is what are the economic and political barriers that take effect on the strategy? 2. Company Profile Owned by Amancio Ortega‚ Zara‚ on the other hand‚ is a clothing company originated in Spain. Inditex Group‚ the parent company‚ claims that Zara needed just a couple
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Definition of Economics: The Economist’s Dictionary of Economics defines economics as "The study of the production‚ distribution and consumption of wealth in human society." The 1828 edition of Webster’s dictionary contains that could still apply today: "Political economy‚ the administration of the revenues of a nation; or the management and regulation of its resources and productive property and labor. Political economy comprehends all the measures by which the property and labor of
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Foundations of Economics • Scarcity: The limited nature of society’s resources • Economics: The study of how people allocate their limited resources to satisfy their unlimited wants • Time‚ energy‚ and financial cost toward acquiring materials • Air and gravity are examples of things we don’t worry about‚ or aren’t scarce • The ability to look at the benefits of the activity and weigh it against the cost is thinking like an economist • Making choices is all about comparing cost and benefits
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ECONOMICS FOR MANAGERIAL DECISION MAKING-I (ECONOMIC ANALYSIS SIMPLIFIED FOR YOU) COURSE DURATION: 20 HOURS PER SEMESTER COURSE CREDITS: 02 1. ESSENCE OF ECONOMICS Problems of an economy; Solutions of these problems; Alternative system to tackle the problems; Economics‚ micro – economics & macro – economics; Basis building blocks of microeconomics – rationality‚ marginalism‚ opportunity cost‚ general & partial equilibrium. 2. FALLACIES AND PITFALLS Economics is about decision making
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Managerial economics as defined by Edwin Mansfield is "concerned with application of economic concepts and economic analysis to the problems of formulating rational managerial decision."[1] It is sometimes referred to as business economics and is a branch of economics that applies microeconomicanalysis to decision methods of businesses or other management units. As such‚ it bridges economic theory and economics in practice.[2] It draws heavily from quantitative techniques such as regression analysis and correlation
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Social Cost I. The Problem to Be Examined1 This paper is concerned with those actions of business firms which have harmful effects on others. The standard example is that of a factory the smoke from which has harmful effects on those occupying neighboring properties. The economic analysis of such a situation has usually proceeded in terms of a divergence between the private and social product of the factory‚ in which economists have largely followed the treatment of Pigou in The Economics of Welfare
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Goods‚ 1/1/2004 $7‚000 Conversion Costs $244‚200 Cost of Goods Avail. for sale $386‚000 Conversion costs equal 60% of total mfg. cost during the period. What was the cost of Finished Goods inventory destroyed? What was the cost of Work-in-Process inventory destroyed? How much Direct Materials inventory was destroyed? 2. All of the following are true EXCEPT that indirect costs A. may be included in prime costs. B. are not easily traced to products
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