The origin of the term sparings lies in the Hellenic words Oikon and Nomos, means Laws of households. So the significance of economics to households. political economy as a social science which covers the action of individuals and groups of individuals in the process of producing, exchanging and consuming of goods and services. Economics is classified into microeconomics and macroeconomics. These words be derived from the Greek words mikros and makros which means small and large respectively.
managerial Economics is considered to be applied microeconomics. Economics contributes a outstanding circle towards the performance of managerial duties and responsibilities. The basic function of the managers is to pass the objectives of the firm. Economics is the study of logic, tools and techniques of making optimum use of the forthcoming resources to achieve the given ends. Managers are essentially, practicing economics.
DEFINITION
It is defined as drill of economics concept & analysis to the problems of formulating keen-witted managerial purpose.
a) Application of Economic concept & analysis means economic theories and principles.
b) Problem of formulating means softwood practice may puddle a problem for those companies whose objectives are somewhat different from trade practices.
To outcome with that problem we have theories and principle.
c) Rational managerial ratiocination means a company can take rational decision using economic theories and principles.
Nature of the managerial Economics
a) managerial economics is micro-economic in character. Managerial economics does not deal with the entire economy as a unit of study.
b) Managerial economics is practical. It involves complications ignored in economic thory to face the boilersuit situation in which decisions are made. Managerial economics considers the particulars environs of decision-making.
c) Managerial economics largely uses that body of economic concepts and...If you regard to get a full essay, order it on our website: Orderessay
If you want to get a full essay, wisit our page: write my essay .
No comments:
Post a Comment