MEANING SCOPE AND METHODS OF MANAGERIAL ECONOMICS INTRODUCTION Emergence of managerial economics as a separate course of management studies can be attributed to at least three factors.: (a) growing complexity of business decision making process due to changing market conditions and business environment (b) consequent upon‚ the increasing use of economic logic ‚ concepts theories and tools o economic analysis in the process of business decision making (c) Rapid increase in demand for professionally
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The Nature and Scope of Managerial Economics Managerial Economics • Managerial economics‚ meaning the application of economic methods in the managerial decisionmaking process‚ and it is a fundamental part of any business. This is happening for several reasons It is becoming more important for managers to make good decisions and to justify them‚ as their accountability either to management or to shareholders increases. Number and size of multinationals increases‚ the costs and benefits
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THE NATURE‚ SCOPE AND METHODS OF ECONOMICS THE INDIVIDUAL AND SOCIETY:- Most introductory textbooks of Economics begin by asking the question ‘What is Economics about?’ Although Economics is a vast subject and precise definitions are usually complex and controversial‚ it is not a difficult matter to give a simple and sensible answer to this basic question. Economics is essentially a study of the ways in which people provide for their well-being. Economists are concerned with the study of
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Nature & Scope of Managerial Economics Contents Fundamental Economics Concepts: Opportunity Cost‚ Discounting principle‚ Time perspective‚ Incremental reasoning‚ Equi-marginal concept. Marginal concept in economics. Economics of information: Risk‚ Uncertainty‚ Asymmetry of information‚ Adverse Selection‚ Market Signaling. The theory of firm; Econometric Models & Economic optimization. ____________________________________________________________________________________ Economics Basics:
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Lesson - 1 Business Economics- Meaning‚ Nature‚ Scope and significance Introduction and meaning : (Author : Dr. M.S. Khanchi) Business Economics‚ also called Managerial Economics‚ is the application of economic theory and methodology to business. Business involves decision-making. Decision making means the process of selecting one out of two or more alternative courses of action. The question of choice arises because the basic resources such as capital‚ land‚ labour and management are limited and
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.3 SCOPE OF THE STUDY The scope of the study in this research is to identify the relationship between job satisfaction and employee attrition in PETRONAS Carigali Sdn Bhd (PCSB)‚ which focuses on the technical job areas employees. This research will also cover on the factors of job satisfaction‚ which are the push‚ the pull‚ as well as the personal factors. There have been numerous studies regarding job satisfaction and attrition intentions worldwide and the results are repeatedly found to
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Scope and limitation System scope and limitations are based on who are the users who will be using the system‚ and assigned modules and reports. Users of the system are the Manager Stock Clerk (SC)‚ and Cashier. Food Service Manager is the one who plan‚ direct‚ or coordinate activities of an organization or department that serves food and beverages. He/She is responsible for the daily operations of the Canteen and Catering services and ensures that customers are satisfied with their dining experience
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INTRODUCTION: The Montessori Professional College International (Imus) branch is now facing problems with regards to monitoring the attendance of the students during school hours. Schools do have students willing to learn to the extent of always attending their classes‚ but in reality we can’t ignore the fact that some of the students do not attend their class to some important reasons and their parents or guardian are not aware of it. As the problem became exceedingly noticeable‚ the researchers
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A NEW LOOK AT THE FOUR TRADITIONS OF GEOGRAPHY J. Lewis Robinson In the May 1964 issue of the JOURNAL OF GEOGRAPHY‚ William D. Pattison presented a brief and excellent statement concerning the main themes in geography.1 His four traditions article has been quoted widely since then‚ and it has helped to reduce the problem of defining the broad scope of the discipline in one or two sentences which would be acceptable to and understood by the public‚ teachers‚ and professional
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CHAPTER 1—NATURE AND SCOPE OF MANAGERIAL ECONOMICS MULTIPLE CHOICES 1. Business profit is: a. the residual of sales revenue minus the explicit accounting costs of doing business. b. a normal rate of return. c. economic profit. d. the return on stockholders’ equity. 2. To maximize value‚ management must: a. maximize short run revenue. b. minimize short run average profit. c. maximize long run profit. d. maximize short run profit. 3. Value maximization is broader than profit maximization because
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