Relationship of Managerial Economics with other disciplines,Difference betwee...Pooja Kadiyan
Introduction to Managerial Economics- Relationship of Managerial Economics with other disciplines,
- Difference between Micro and Macroeconomics and
- Economic concepts/Principles Used in Decision Making
What is profit , types of profit, theories of profitarvind saini
in this report, it discuss about major role of profit , its types and various theories of profit to understand the principles of accounting. and how it helps to understand the various techniques to understand it
Relationship of Managerial Economics with other disciplines,Difference betwee...Pooja Kadiyan
Introduction to Managerial Economics- Relationship of Managerial Economics with other disciplines,
- Difference between Micro and Macroeconomics and
- Economic concepts/Principles Used in Decision Making
What is profit , types of profit, theories of profitarvind saini
in this report, it discuss about major role of profit , its types and various theories of profit to understand the principles of accounting. and how it helps to understand the various techniques to understand it
UNIT - I: INTRODUCTION TO BUSINESS ECONOMICS: Definition - Nature and Scope -
The Role of economists in an organization; BASIC ECONOMIC PRINCIPLES: The concept
of Opportunity Cost - Discounting principle - Time perspective - Incremental Concept –
Equi-Marginalism; OBJECTIVES OF THE FIRM: Profit Maximization - Sales Maximization
and other objectives.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Mohammad Abadullah
Dilruba Jahan Popi
Rabiul Islam
Effat Ara Saima
MD. Rajib Mojumder (Captain)
Difference between economics and managerial economicsMaddali Swetha
Paper presentation made by MADDALI LAXMI SWETHA, MBA (HR)
Maddali Swetha Blog - http://maddaliswetha.blogspot.com/
https://in.linkedin.com/in/maddali-swetha
https://twitter.com/maddali_swetha
E-Mail ID: maddali_swetha@yahoo.com
Under this technique all costs are classified into fixed costs and variable costs. Only variable costs are considered product costs and are allocated to products manufactured. These costs include direct materials, direct labor, direct expenses and variable overhead. Fixed costs are not considered for computing the cost of products or valuation of inventory.
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
in this topic we are going to learn managerial economics where we explore how businesses make informed decisions in a constantly changing economic landscape
UNIT - I: INTRODUCTION TO BUSINESS ECONOMICS: Definition - Nature and Scope -
The Role of economists in an organization; BASIC ECONOMIC PRINCIPLES: The concept
of Opportunity Cost - Discounting principle - Time perspective - Incremental Concept –
Equi-Marginalism; OBJECTIVES OF THE FIRM: Profit Maximization - Sales Maximization
and other objectives.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Mohammad Abadullah
Dilruba Jahan Popi
Rabiul Islam
Effat Ara Saima
MD. Rajib Mojumder (Captain)
Difference between economics and managerial economicsMaddali Swetha
Paper presentation made by MADDALI LAXMI SWETHA, MBA (HR)
Maddali Swetha Blog - http://maddaliswetha.blogspot.com/
https://in.linkedin.com/in/maddali-swetha
https://twitter.com/maddali_swetha
E-Mail ID: maddali_swetha@yahoo.com
Under this technique all costs are classified into fixed costs and variable costs. Only variable costs are considered product costs and are allocated to products manufactured. These costs include direct materials, direct labor, direct expenses and variable overhead. Fixed costs are not considered for computing the cost of products or valuation of inventory.
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
in this topic we are going to learn managerial economics where we explore how businesses make informed decisions in a constantly changing economic landscape
Basic principles in the application of managerial economicsMilan Verma
Basic Principles in the Application of Managerial Economics, what is economics and introduction, Micro economics
Normative (prescriptive) science, Pragmatic (Practical), Uses Macro economics, Uses theory of firm, Management oriented, Multi disciplinary, Art and science. Scope of Managerial Economics, theory of demand and demand analysis, envirmental issues, Significance of managerial economics in decision making, Significance of managerial economics in decision making
Maddali Laxmi Swetha, MBA (HR)
Email ID: Maddali_swetha@yahoo.com
My Twitter ID: https://twitter.com/maddali_swetha
My Quora: https://www.quora.com/profile/Maddali-Swetha
My LinkedIn: https://www.linkedin.com/in/maddali-swetha-a0a424a6
My Blog (Maddali Swetha Blog): http://maddaliswetha.blogspot.com/
My Slideshare Papers: https://www.slideshare.net/MaddaliSwetha
Advertising, meaning of advertising, types of advertising, print advertising, outdoor advertising, covert advertising, surrogate advertising, public service advertising, celebrity advertising.
Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
Fundamental concepts, principle of economicsShompa Nandi
Fundamental Concept or Principle of Economics, Opportunity cost principle, Equi-marginal principle, incremental principle, discounting principle, Risk and uncertainty, Time Perspective
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
2. Economics
Those activities of mankind are studied which are concerned with
earnings and spending of money.
For the successful handling of these activities certain laws and rules are
formulated which are known as various theories of economics.
Use of these rules & tools provided for analysing business conditions and
applying them for arriving at various economic decision is known as
business economics.
3. MicroEconomics & MacroEconomics
Microeconomics Macroeconomics
Derived from the greek word mikros
meaning “Small”.
Derived from the greek word makros
meaning “Large”
Microeconomics studies economic
relationship or economic problems at
the level of an individual- an individual
firm, an individual household or an
individual consumer.
E.g. Study of TISCO
Macroeconomics studies economic
relationships or economic problems at
the level of the economy as a whole.
E.g. Study of Unemployment, inflation,
Per capita income.
It is basically concerned with
determination of output and price for
an individual firm or industry.
It is basically concerned with
determination of aggregate output and
general price level in the economy as
a whole.
4. Positive and Normative Economics
Positive Economics Normative Economics
When we are studying a problem and
its related issues which are subject to
verification, like the extent of poverty
and unemployment we are referring to
positive economic.
When we are offering suggestions to
solve the problem (which are not
subject to verification, like for e.g. the
suggestion of reservation in jobs to
solve the problem of poverty) we are
referring to normative economics.
The positive statement describe what
was, what is and what would be
under the given set of circumstances.
Normative statements describe what
ought to be. Its objective is to
determine norms or aims.
All these statements are capable of
empirical verification. On the basis of
which degree of truth can be found.
These are opinions relating to right or
wrong of a particular policy matter, and
are always a matter of debate.
5. Meaning & Definition of Business Economics
• According to Spencer and Siegelman, “ Business Economics may be
defined as the integration of economic theory with business practice for
the purpose of facilitating decision making and forward planning by
management.”
• Decision Making: Means selecting one out of a set of two or more
alternatives or in other words, making a choice.
• Planning: Means planning for the business activities to be undertaken for
future.
( The problem of selection arises because the supply of factors of production
(land, labour, capital and enterprise) is scarce or limited.)
Business Economics helps management in making right decisions and
planning for the future under the condition of uncertainty.
6. Other Definitions of Business Economics
• According to McNair and Meriam, “ Business Economics consists
of the use of economic modes of thought to analyse business
situation.”
• According to Joel Dean, “The purpose of managerial economics is
to show how economic analysis can be used in formulating business
policies.”
• In the words of Joseph L. Messy, “ Business Economics is the use
of economic theories by the management in making business
decisions.
7. After the study of various definitions it can be
concluded that:
Business Economics is that branch of knowledge in which theories
of economic analysis are used for solving business
management problems and determination of business policies.
Business Economics serves as a bridge between Economics and
Business Management.
8. Characteristics of Business Economics
1) Micro- economic in Nature: The problem of a particular firm is studied in it
and not the whole economy.
2) Theory of Firm or Economics of Firm: All the economic theories,
concepts and economic models known as “Theory of Firm” or “Economics
of Firm” are studied in Business economics.
3) Importance of Macro Economics too : Macro economics helps to
understand the overall environment in which a firm operates its activities.
The knowledge of Macro economics enables the managers to co-ordinate
and adjust their business in the best possible way with environmental forces
with which they have no control. E.g. Fiscal policy, industrial policy,exim
policy.
4) Applied Approach: Business economist analyses good or bad effects of
various decisions on the firm. So BE is not a theoretical subject but a
subject of practical utility.
9. Characteristics of Business Economics
5) Perspective nature: It indicates what should be done and what not.
6) Decision making at Managerial level: BE is a practical subject and its
main object and function is to help the management in formulating suitable
business policies.
7) Co-ordinating Nature: Business economics provides the business
managers practical and theoretical solutions of their business problems.
8) Both Science and Art: Business economics is used as a systematic
knowledge, therefore, it is a science. It provides methods to reach the most
beneficial decision to the business requiring various skills hence it is an art
too.
9) As a complementary subject: In business economics, helps are sought
from various disciplines like statistics, mathematics, operation research in
order to understand the business situation and arrive at their solution by
using tools provided by these discipline.
10. Importance of Application of Economics in
Business Management
1) Helpful in Organizing: Business managers can learn through the study of
Business Economics what to produce, how to produce, for whom to
produce and when to produce. This helps them to organize well.
2) Helpful in Planning: Managers with the use of business economics can
plan to mobilise and use resources effectively.
3) Helpful in Decision making: Business manager can decide on the basisi
of their knowledge of Business Economics number of relevant things such
as what kind of production should be undertaken, what should be the
technique etc. so as to get the maximum profit.
4) Helpful in co ordination: Business economics helps to establish co
ordination between traditional theoretical concepts of economics and actual
business practices.
11. Importance of Application of Economics in
Business Management
5) Helpful in Formulating Business Policies: Business Economics helps in
deciding its policies for the real objectives and certain business situation of
the firm.
6) Helpful in Cost Control
7) Helpful in Demand Forecasting: Business economics provides the use of
economic concepts for estimating economic relations among various
variables for managerial decisions.
8) Minimizing Uncertainties:
9) Helpful in Understanding External Environment: Business Economics
helps the business managers in understanding the external environment in
which the firm has to function and shows him the way to co-ordinate his
business with it.
12. Scope of Business Economics
1) Demand Analysis and Forecasting: Demand analysis and forecasting of
demand facilitates the decision making and forward planning. If demand
forecasting of a firm is correct, the firm earns more profit and if they are
wrong it suffers losses.
2) Production Planning and Management: Every firm is engaged in certain
production, hence it has to plan and manage the production. Firm has to
make profitable decisions keeping its factors of production and the product
in view.
3) Cost Analysis: One of the important responsibilities of business managers
is to analyze and control costs in order to maximize the profit. It can be
done only by the proper investigation and research about the respective
costs.
4) Pricing Policies and Practices: Deciding the price is one of the important
subject of business economics. The success of a firm depends upon
decisions regarding prices.
13. Scope of Business Economics
5) Profit Management: Business economics helps in analysis of profit
measurement and control.
6) Capital Management: Capital management in business economics
includes cost of capital, profitability of the capital and the selection of
suitable project or projects out of various projects.
7) Decision Theory under Uncertainty: Uncertainties are many fold such as
uncertainty of demand, uncertainty of cost, uncertainty of capital etc. Many
statistical methods are developed for taking decision under condition of
such uncertainties.
14. Business Economics Vs Economics
Business Economics Economics
It deals with the application of
economic principles and theories to
the problems of business firms.
Economics deals with the body of
principles and theories itself.
Nature of business economics is Micro
economics.
Nature of economics is both Micro
economics and Macro economics.
Business economics is micro in
character but it deals with the
problems of business firms only and it
does not study problems of individuals.
Economics has a wider scope.
The main focus of study in business
economics is profit theory.
Under economics all the distribution
theories like rent, wages and interest
are studied along with the theory of
profit.
15. Business Economics Vs Economics
Business Economics Economics
It adopts, modifies or reformulates
existing economic models to suit the
specific conditions and to serve
specific problems of a business firm.
Economic theory makes assumption
and hypotheses, economic
relationships and generates economic
models.
Business economics is applied in
nature.
Economic theory avoid complexities
and makes simplified assumptions to
solve complicated theoretical issues.
Concepts and models developed in
business economics have their
practical utility in solving problems of
the business firm.
Theories and principles of economics
are away from practical realities and
are based on a number of unrealistic
assumption.
Business economics is new subject
which came in existence only after
second world war.
Economics is much older subject.