Economics
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This document discusses basic economic concepts including what economics is, the four factors of production, and micro and macroeconomics. It defines economics as the social science concerned with how individuals and societies satisfy unlimited wants with limited resources. It explains the factors of production as natural resources, capital resources, human resources, and entrepreneurs who combine these to produce goods and services. Finally, it outlines microeconomics as dealing with smaller economic units like individuals and businesses, while macroeconomics analyzes larger bodies like countries and governments.
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Intro to economics
Economics is the study of how scarce resources are allocated to satisfy unlimited human wants. It is divided into microeconomics, which examines individual parts of the economy like supply and demand, and macroeconomics, which looks at the overall economy of a nation. A key concept is that resources are scarce while wants are unlimited, so people must make economic choices and trade-offs to allocate resources efficiently among alternative uses. Needs are basic goods necessary for survival while wants enhance life comfort, and both vary between individuals and change over time. Scarcity exists when resources are insufficient to meet all wants, and can occur due to lack of physical resources or inability to access existing resources.
Basics of economics
This document provides an overview of economics, including microeconomics and macroeconomics. It defines economics as the study of how individuals, markets, and countries seek to maximize satisfaction and profits with limited resources. Microeconomics examines decisions of individuals and businesses regarding prices and resource allocation, while macroeconomics studies whole economies and how government policies affect aggregates like output and inflation. The document also outlines different economic systems, terms, the scope and methodologies of economics, and some basic economic problems around production.
Economics
The document discusses the concept of scarcity in economics. It defines scarcity as limited resources being unable to meet unlimited wants, creating an economic problem. Economics is then presented as the study of allocating scarce resources efficiently to meet wants. The relationship between scarcity and economics is explored, with scarcity giving rise to the need for economics to address this issue through resource allocation. Key terms like demand, supply, and markets are also introduced in the summary.
Basic concepts of economics
This document provides an overview of basic economic concepts. It defines economics as the study of how societies use scarce resources to produce goods and distribute them. The key concepts discussed are that resources are scarce but wants are unlimited, so economies must produce efficiently. Microeconomics examines individual markets and firms, while macroeconomics looks at overall economic performance and policy. All modern economies are mixed, with aspects of both market and command systems. Inputs like labor, capital, and land are used to produce outputs in the form of goods and services.
Introduction to Economics
1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
3) The two main types of economics - microeconomics and macroeconomics - are introduced along with the factors of production needed for an economy.
Presentation on importance of microeconomics
This document discusses the importance and uses of microeconomics. It explains that microeconomics helps understand how economies operate by examining resource allocation, production and consumption efficiency, and economic welfare. It also discusses how microeconomics provides tools for business and economic decision making, such as determining optimal production levels, prices, and government policies. Finally, the document notes that microeconomics is useful for efficiently managing resources, making trade and exchange rate decisions, and predicting economic trends.
Basic concepts-of-economics
basics of economics helps learners to understand the definition of economics, concepts of economics, division of economics and relationship of economics to other sciences.
Economic system
This document summarizes the key aspects of different economic systems. It discusses the three basic economic problems of what to produce, how to produce, and for whom to produce. It then describes the four factors of production - land, labor, capital, and entrepreneurship. Finally, it outlines the characteristics of four economic systems: traditional, command, market, and mixed economies.
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Intro to economics
Economics is the study of how scarce resources are allocated to satisfy unlimited human wants. It is divided into microeconomics, which examines individual parts of the economy like supply and demand, and macroeconomics, which looks at the overall economy of a nation. A key concept is that resources are scarce while wants are unlimited, so people must make economic choices and trade-offs to allocate resources efficiently among alternative uses. Needs are basic goods necessary for survival while wants enhance life comfort, and both vary between individuals and change over time. Scarcity exists when resources are insufficient to meet all wants, and can occur due to lack of physical resources or inability to access existing resources.
Basics of economics
This document provides an overview of economics, including microeconomics and macroeconomics. It defines economics as the study of how individuals, markets, and countries seek to maximize satisfaction and profits with limited resources. Microeconomics examines decisions of individuals and businesses regarding prices and resource allocation, while macroeconomics studies whole economies and how government policies affect aggregates like output and inflation. The document also outlines different economic systems, terms, the scope and methodologies of economics, and some basic economic problems around production.
Economics
The document discusses the concept of scarcity in economics. It defines scarcity as limited resources being unable to meet unlimited wants, creating an economic problem. Economics is then presented as the study of allocating scarce resources efficiently to meet wants. The relationship between scarcity and economics is explored, with scarcity giving rise to the need for economics to address this issue through resource allocation. Key terms like demand, supply, and markets are also introduced in the summary.
Basic concepts of economics
This document provides an overview of basic economic concepts. It defines economics as the study of how societies use scarce resources to produce goods and distribute them. The key concepts discussed are that resources are scarce but wants are unlimited, so economies must produce efficiently. Microeconomics examines individual markets and firms, while macroeconomics looks at overall economic performance and policy. All modern economies are mixed, with aspects of both market and command systems. Inputs like labor, capital, and land are used to produce outputs in the form of goods and services.
Introduction to Economics
1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
3) The two main types of economics - microeconomics and macroeconomics - are introduced along with the factors of production needed for an economy.
Presentation on importance of microeconomics
This document discusses the importance and uses of microeconomics. It explains that microeconomics helps understand how economies operate by examining resource allocation, production and consumption efficiency, and economic welfare. It also discusses how microeconomics provides tools for business and economic decision making, such as determining optimal production levels, prices, and government policies. Finally, the document notes that microeconomics is useful for efficiently managing resources, making trade and exchange rate decisions, and predicting economic trends.
Basic concepts-of-economics
basics of economics helps learners to understand the definition of economics, concepts of economics, division of economics and relationship of economics to other sciences.
Economic system
This document summarizes the key aspects of different economic systems. It discusses the three basic economic problems of what to produce, how to produce, and for whom to produce. It then describes the four factors of production - land, labor, capital, and entrepreneurship. Finally, it outlines the characteristics of four economic systems: traditional, command, market, and mixed economies.
Introduction to Economics
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
Types of economic systems
The document discusses different types of economic systems, including pure market economies, pure command economies, traditional economies, and mixed economies. It describes the key characteristics of each type of economy, such as how economic decisions are made regarding what to produce, how to produce it, and who receives the goods and services. The document also briefly covers different political philosophies like capitalism, socialism, and communism that influence economic systems.
Nature and scope of economics
The document provides an overview of the nature and scope of economics. It discusses how economics is defined as the study of how individuals and societies choose to use scarce resources. Economics can be divided into microeconomics, which examines individual decision-making units like businesses and households, and macroeconomics, which examines aggregates on a national scale. The document also explores different economic systems like capitalism, socialism, and mixed economies, and how economies can be evaluated based on criteria like growth, stability, efficiency, and equity.
Basic Economic Concepts
Scarcity refers to limited resources being unable to meet unlimited wants. Economics tries to solve the problem of scarcity by determining how to distribute limited resources to best meet wants. Goods are tangible items while services are activities performed for others. Factors of production include land, labor, and capital. Land represents natural resources, labor is work done for pay, and capital includes physical assets like buildings and equipment as well as human capital like education and skills.
Classical theory of economics
Classical economics is a macroeconomic theory based on flexible prices, Say's law that supply creates its own demand, and equality between savings and investment. It traces back to Adam Smith and assumes markets clear naturally, leading to full employment. In contrast, Keynesian economics recognizes unemployment and a need for aggregate demand management by the government.
1.1 introduction to economics
This document discusses the evolution of economics as a subject through different conceptual stages:
1. Wealth concept: Early economists like Adam Smith defined economics as the science of wealth and were focused on wealth generation. This led to criticism that it promoted wealth over welfare.
2. Welfare concept: Economists like Marshall shifted the focus to human welfare, arguing economics studies how people conduct ordinary life and is a social science.
3. Scarcity concept: Robbins defined economics as studying relationships between unlimited wants and scarce resources. This introduced the idea of scarcity, choice, and opportunity cost.
4. Development concept: Modern economists believe economics should also study how to increase resources over time to satisfy more
Microeconomics meaning, definition nature and scope
Microeconomics is the study of individual economic decision-makers and the markets in which they interact. It focuses on factors that affect individual choices and how those choices are coordinated through markets. The three main goals of microeconomics are determining what to produce, how to produce, and for whom to produce. It analyzes the theory of demand, the behavior of firms, and the demand for labor and other production factors. The document provides definitions of microeconomics from various economists and outlines the key concepts that will be covered, including consumer behavior, demand and supply analysis, production and cost analysis, and market equilibrium.
Introduction of microeconomic
This document provides an introduction to microeconomics, including:
1) Microeconomics is the study of how individuals and small economic units make choices with limited resources. It examines choices by consumers, businesses, and individuals.
2) Basic microeconomic concepts include scarcity, choice and opportunity cost. Scarcity means wants exceed resources, requiring choices between alternatives. Opportunity cost is the next best alternative forgone in making a choice.
3) Factors of production are resources used in the production of goods and services, including labor, capital, land and entrepreneurship. The production possibilities curve illustrates scarcity, choice and opportunity cost through different combinations of two goods an economy can produce.
Introduction to economics
The document provides an introduction to key concepts in economics, including:
1) Economics involves making choices due to scarce resources and unlimited wants. It studies how individuals and societies make decisions about production, consumption, and distribution.
2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
3) Individuals and societies face trade-offs in how they use limited resources to fulfill needs and wants. Opportunity cost is the value of the next best choice not taken.
Nature and Scope of Economics
This document outlines the chapter topics for a course on basic economics at Pangasinan State University. The chapter topics include definitions of economics and microeconomics and macroeconomics. It also discusses key economic concepts like scarcity, opportunity costs, economic resources and the three fundamental economic questions about what to produce, how to produce and for whom to produce. The document provides an overview of the course and serves as an outline for the instructor to follow.
1.intro to microeconomics
Microeconomics is the study of individual economic units such as households, firms, and industries. It examines how prices are determined in markets and how resources are allocated. Microeconomics analyzes production and consumption decisions, pricing under different market structures, and resource allocation. The goal is to understand how these economic units interact and the outcomes for efficiency and welfare.
The Scope And Method Of Economics
The document discusses the scope and method of economics. It defines economics as the science of administering scarce resources in human society. It explores the differences between theoretical, applied and welfare economics. It also discusses how economics aims to identify general patterns of uniformity in human behavior and use empirical testing to verify hypotheses and models. While there is significant agreement among economists, disagreements can arise from different social objectives, facts, or failures to follow logical rules. Ideologies are rationalizations of beliefs not based on scientific procedure and only convince those with similar motivations.
What is capitalism
Capitalism 101 provides a summary of capitalism throughout history. The document states that over the last 200 years in Western civilization, capitalism has led to a steady rise in the standard of living of wage earners. It operates through mass production for mass consumption, directed by energetic individuals aiming for improvement. The driving force is profit motive, which forces businesses to provide more, better, and cheaper goods for consumers. An improving economy and rising standard of living depends on this system. Thus, capitalism promotes the welfare of most people through the efforts of the ambitious few.
Nature and scopes of Economics
Economics is the study of how societies allocate scarce resources. It can be defined as both a science and an art. As a science, economics uses analysis and evidence to understand cause-and-effect relationships between economic factors. As an art, economics provides practical guidance to solve economic problems. The scope of economics includes microeconomics, which examines individual markets, and macroeconomics, which looks at an overall economy and topics like growth, employment, inflation and trade cycles.
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An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship
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The Economic System
This document discusses different economic systems and their key characteristics. It begins by outlining the three basic economic problems of what to produce, how to produce, and for whom to produce. It then defines four main economic systems - traditional, command, market, and mixed - and describes their essential features. The document also distinguishes between the economic philosophies of capitalism, communism, and socialism.
Production Possibility Frontier (Revision Presentation)
The document discusses the production possibility frontier (PPF), which shows the maximum output combinations of two goods an economy can produce with full employment of resources. It explains key concepts like opportunity cost, diminishing returns, and shifts in the PPF due to changes in resources or technology. Causes of outward shifts include higher productivity and new resources, while inward shifts may occur after natural disasters, conflict, or recession that reduce resources and investment.
Basic Economic Problems
The document discusses the basic economic problem of scarcity and opportunity cost. It defines the key concepts of needs and wants, and explains that while needs are necessities, wants are pleasurable but not necessary goods. Resources used to produce goods and services are finite but human wants are unlimited, creating an economic problem. The concept of opportunity cost, which is the next best alternative forgone when making a choice due to scarce resources, is introduced and illustrated using a production possibilities frontier diagram showing the tradeoffs between producing two goods.
Economics, Scarcity and Choices
Here are some potential questions I could ask and information I could gather by interviewing my parents about our family's budget:
1. How many people are in our family?
2. How many income earners contribute to our household budget?
3. Approximately how much does our family earn each month from jobs, businesses, investments, etc.?
4. How do you allocate our monthly income across major spending categories like housing, food, utilities, transportation, education, savings, etc.?
5. What do you do if expenses end up being higher than planned one month and we run short on our budget? Do you cut back on some purchases, use savings, or find other ways to make up the difference?
Introduction to microeconomics ch 1
Microeconomics studies how individuals and firms make choices given scarce resources and analyzes how supply and demand determine prices and quantities of goods and services in markets. It examines how resources are allocated most efficiently among alternative uses and how goods and services are distributed among different groups in society. The goal is to understand the workings of individual parts of the economy in order to assess policies and provide insights on efficient resource use, business decisions, and economic welfare.
Introduction to microeconomics ch 1
Microeconomics studies how individuals and firms make choices given scarce resources. It examines how supply and demand determine prices and outputs in specific markets. Microeconomics analyzes the workings of individual markets and can help improve efficiency, inform business decisions, and evaluate policy impacts on welfare. However, it has limitations in assuming full employment and no government intervention.
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Introduction to Economics
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
Types of economic systems
The document discusses different types of economic systems, including pure market economies, pure command economies, traditional economies, and mixed economies. It describes the key characteristics of each type of economy, such as how economic decisions are made regarding what to produce, how to produce it, and who receives the goods and services. The document also briefly covers different political philosophies like capitalism, socialism, and communism that influence economic systems.
Nature and scope of economics
The document provides an overview of the nature and scope of economics. It discusses how economics is defined as the study of how individuals and societies choose to use scarce resources. Economics can be divided into microeconomics, which examines individual decision-making units like businesses and households, and macroeconomics, which examines aggregates on a national scale. The document also explores different economic systems like capitalism, socialism, and mixed economies, and how economies can be evaluated based on criteria like growth, stability, efficiency, and equity.
Basic Economic Concepts
Scarcity refers to limited resources being unable to meet unlimited wants. Economics tries to solve the problem of scarcity by determining how to distribute limited resources to best meet wants. Goods are tangible items while services are activities performed for others. Factors of production include land, labor, and capital. Land represents natural resources, labor is work done for pay, and capital includes physical assets like buildings and equipment as well as human capital like education and skills.
Classical theory of economics
Classical economics is a macroeconomic theory based on flexible prices, Say's law that supply creates its own demand, and equality between savings and investment. It traces back to Adam Smith and assumes markets clear naturally, leading to full employment. In contrast, Keynesian economics recognizes unemployment and a need for aggregate demand management by the government.
1.1 introduction to economics
This document discusses the evolution of economics as a subject through different conceptual stages:
1. Wealth concept: Early economists like Adam Smith defined economics as the science of wealth and were focused on wealth generation. This led to criticism that it promoted wealth over welfare.
2. Welfare concept: Economists like Marshall shifted the focus to human welfare, arguing economics studies how people conduct ordinary life and is a social science.
3. Scarcity concept: Robbins defined economics as studying relationships between unlimited wants and scarce resources. This introduced the idea of scarcity, choice, and opportunity cost.
4. Development concept: Modern economists believe economics should also study how to increase resources over time to satisfy more
Microeconomics meaning, definition nature and scope
Microeconomics is the study of individual economic decision-makers and the markets in which they interact. It focuses on factors that affect individual choices and how those choices are coordinated through markets. The three main goals of microeconomics are determining what to produce, how to produce, and for whom to produce. It analyzes the theory of demand, the behavior of firms, and the demand for labor and other production factors. The document provides definitions of microeconomics from various economists and outlines the key concepts that will be covered, including consumer behavior, demand and supply analysis, production and cost analysis, and market equilibrium.
Introduction of microeconomic
This document provides an introduction to microeconomics, including:
1) Microeconomics is the study of how individuals and small economic units make choices with limited resources. It examines choices by consumers, businesses, and individuals.
2) Basic microeconomic concepts include scarcity, choice and opportunity cost. Scarcity means wants exceed resources, requiring choices between alternatives. Opportunity cost is the next best alternative forgone in making a choice.
3) Factors of production are resources used in the production of goods and services, including labor, capital, land and entrepreneurship. The production possibilities curve illustrates scarcity, choice and opportunity cost through different combinations of two goods an economy can produce.
Introduction to economics
The document provides an introduction to key concepts in economics, including:
1) Economics involves making choices due to scarce resources and unlimited wants. It studies how individuals and societies make decisions about production, consumption, and distribution.
2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
3) Individuals and societies face trade-offs in how they use limited resources to fulfill needs and wants. Opportunity cost is the value of the next best choice not taken.
Nature and Scope of Economics
This document outlines the chapter topics for a course on basic economics at Pangasinan State University. The chapter topics include definitions of economics and microeconomics and macroeconomics. It also discusses key economic concepts like scarcity, opportunity costs, economic resources and the three fundamental economic questions about what to produce, how to produce and for whom to produce. The document provides an overview of the course and serves as an outline for the instructor to follow.
1.intro to microeconomics
Microeconomics is the study of individual economic units such as households, firms, and industries. It examines how prices are determined in markets and how resources are allocated. Microeconomics analyzes production and consumption decisions, pricing under different market structures, and resource allocation. The goal is to understand how these economic units interact and the outcomes for efficiency and welfare.
The Scope And Method Of Economics
The document discusses the scope and method of economics. It defines economics as the science of administering scarce resources in human society. It explores the differences between theoretical, applied and welfare economics. It also discusses how economics aims to identify general patterns of uniformity in human behavior and use empirical testing to verify hypotheses and models. While there is significant agreement among economists, disagreements can arise from different social objectives, facts, or failures to follow logical rules. Ideologies are rationalizations of beliefs not based on scientific procedure and only convince those with similar motivations.
What is capitalism
Capitalism 101 provides a summary of capitalism throughout history. The document states that over the last 200 years in Western civilization, capitalism has led to a steady rise in the standard of living of wage earners. It operates through mass production for mass consumption, directed by energetic individuals aiming for improvement. The driving force is profit motive, which forces businesses to provide more, better, and cheaper goods for consumers. An improving economy and rising standard of living depends on this system. Thus, capitalism promotes the welfare of most people through the efforts of the ambitious few.
Nature and scopes of Economics
Economics is the study of how societies allocate scarce resources. It can be defined as both a science and an art. As a science, economics uses analysis and evidence to understand cause-and-effect relationships between economic factors. As an art, economics provides practical guidance to solve economic problems. The scope of economics includes microeconomics, which examines individual markets, and macroeconomics, which looks at an overall economy and topics like growth, employment, inflation and trade cycles.
Factors of Production (economics)
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship
Basic concepts of Economics
This document summarizes an economics lecture on basic concepts. It introduces Prachi A. Parab, the lecturer, and covers topics like human wants, goods, resources, and scarcity. Human wants are unlimited, but resources are scarce. Goods can be tangible or intangible, and free or economic. The three basic resources are land, labor, and capital. The document provides definitions, examples, and evaluation questions to help students understand these foundational economic ideas.
The Economic System
This document discusses different economic systems and their key characteristics. It begins by outlining the three basic economic problems of what to produce, how to produce, and for whom to produce. It then defines four main economic systems - traditional, command, market, and mixed - and describes their essential features. The document also distinguishes between the economic philosophies of capitalism, communism, and socialism.
Production Possibility Frontier (Revision Presentation)
The document discusses the production possibility frontier (PPF), which shows the maximum output combinations of two goods an economy can produce with full employment of resources. It explains key concepts like opportunity cost, diminishing returns, and shifts in the PPF due to changes in resources or technology. Causes of outward shifts include higher productivity and new resources, while inward shifts may occur after natural disasters, conflict, or recession that reduce resources and investment.
Basic Economic Problems
The document discusses the basic economic problem of scarcity and opportunity cost. It defines the key concepts of needs and wants, and explains that while needs are necessities, wants are pleasurable but not necessary goods. Resources used to produce goods and services are finite but human wants are unlimited, creating an economic problem. The concept of opportunity cost, which is the next best alternative forgone when making a choice due to scarce resources, is introduced and illustrated using a production possibilities frontier diagram showing the tradeoffs between producing two goods.
Economics, Scarcity and Choices
Here are some potential questions I could ask and information I could gather by interviewing my parents about our family's budget:
1. How many people are in our family?
2. How many income earners contribute to our household budget?
3. Approximately how much does our family earn each month from jobs, businesses, investments, etc.?
4. How do you allocate our monthly income across major spending categories like housing, food, utilities, transportation, education, savings, etc.?
5. What do you do if expenses end up being higher than planned one month and we run short on our budget? Do you cut back on some purchases, use savings, or find other ways to make up the difference?
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Managerial EconomicsSubject MANAGERIAL ECONO.docx
Managerial Economics
?
Subject: MANAGERIAL ECONOMICS Credits: 4
SYLLABUS
Basics of Managerial Economics
Introduction to Economics, Basics of Managerial Economics, Introduction to Economics, Nature and Scope of
Managerial Economics, Managerial Economics & Economics Related Disciplines Interrelationship with Other
Subjects, Economics Tools
Demand Theory
Demand Analysis, Elasticity Concepts, Demand Forecasting, and Importance of Demand forecasting
Cost of Production:
Cost Analysis, Economic of Scale, Cost Reduction and Cost control, Capital Budgeting
Production Theory
Introduction to Production Concept, Production Analysis, Stage of Production, Return to Scale, Supply
Analysis
Market Analysis
Introduction to market Structure, Perfect Competition, Monopoly, Oligopoly and Pricing
Suggested Readings:
1. Managerial Economics – Analysis, Problems and Cases, P.L. Mehta, Sultan Chand Sons, New Delhi
2. Managerial Economics – Varshney and Maheshwari, Sultan Chand and Sons, New Delhi
3. Managerial Economics – D. Salvatore, McGraw Hill, New Delhi
4. Managerial Economics – Pearson and Lewis, Prentice Hall, New Delhi
5. Managerial Economics – G.S. Gupta, T M H, New Delhi
5
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NATURE AND SCOPE OF ECONOMIC ANALYSIS
------------------------------------------------------------------------------------------------------------
Structure
1.1 Introduction to Economics
1.2 Concept of Economics in Decision Making
1.3 Scope of Managerial Economics
1.4 Relationship between Managerial Economics and Other Subjects
1.5Tools and Techniques of Decision Making
1.6 Review Questions
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1.1 INTRODUCTION TO ECONOMICS
------------------------------------------------------------------------------------------------------------
This unit introduces you to the basic concepts of Economics. After going through this
unit you will come to know how Economics is helpful for Managers in their Decision
making process.
Objectives: • To analyze the concept of economics- scarcity and efficiency • Micro Economics and macro economics • Concept of managerial economics • How managerial economics differ from economics and its relationship with
management
Good morning students, the basic purpose of our studying of economics are the efficient
utilization of scarce resources. We always have to make choices amongst various
alternatives available for efficient utilization of our scarce resources. The twin theme of
economics is scarcity and efficiency. We will discuss this twin theme in detail before
coming to managerial economics.
Scarcity and Efficiency: The first question which comes here is what is Economics?
Economics is the study of how society choo.
MANAGERIAL_ECONOMICS.pdf
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principles.pptx
This document provides an overview of key economic concepts including:
- Economics is the study of how societies allocate scarce resources to satisfy unlimited wants. It can be divided into microeconomics and macroeconomics.
- The economic problem involves determining what, how, and for whom to produce goods and services.
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This document provides an overview of the foundations of business and economics. It discusses how early societies engaged in bartering as people specialized in different skills and trades. This led to the emergence of business as a way to facilitate the exchange of goods and services. The core functions of business require human participants in roles like owners, managers, employees and consumers. An economic system must determine how a society's resources will be allocated and distributed to satisfy people's needs and wants. Different systems like capitalism, socialism and mixed economies take different approaches to these functions.
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This document provides an overview of principles of economics. It defines economics as the study of how individuals and organizations allocate scarce resources to fulfill unlimited wants. It discusses key economic concepts like scarcity, opportunity cost, and trade-offs. It also outlines the nature and scope of economics, including microeconomics which examines individual units, and macroeconomics which looks at aggregate economic activity and performance. The document provides examples to illustrate various economic principles and differences between micro and macro perspectives.
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This document provides an introduction to economics, including its key concepts and the American economic system. It discusses that economics is the study of how people use limited resources to satisfy unlimited wants. It also covers the three basic economic questions of what, how, and for whom to produce. Additionally, it explains the characteristics of the American mixed economy, including limited government role, freedom of enterprise and choice, the profit incentive, private property rights, and competition.
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This document provides an overview of economics. It defines economics as the study of how individuals, businesses, governments, and societies make choices with scarce resources. It distinguishes between microeconomics, which studies individual and business decision-making, and macroeconomics, which studies overall economic activity and performance. Two key economic questions are examined: what goods and services are produced, how they are produced, and who receives them. The concept of incentives, tradeoffs, and opportunity costs are introduced as part of the "economic way of thinking."
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This document defines economics and distinguishes between microeconomics and macroeconomics. It explains that economics studies how individuals, businesses, governments and societies cope with scarcity. It also discusses the two main economic questions of what, how, and for whom goods and services are produced. Additionally, it covers key ideas in economics like incentives, tradeoffs, and opportunity cost.
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Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Economics
- 1. ECONOMICS BASIC ECONOMIC CONCEPTS
- 2. TOPICS TO BE DISCUSSED What is economics? Four factors of production Micro and macro economics
- 3. What is economics? The social science concerned with how individual and societies decide how to satisfy their unlimited wants given our limited resources. Example- I can’t buy a car if I don’t have an income.
- 4. What is scarcity? Not enough resources to meet the demand. We can’t have everything we want because of this we need to make choices. We must use things efficiently on order to maximize the number of goods and services we can produce. Don’t waste…
- 5. FACTORS OF PRODUCTION Natural resources- Free gifts of nature Capital resources- manufacture aid to production Human resources- mankind physical and mental talent Entrepreneur- the individual who combines the factors of production in order to produce a good or service.
- 6. TYPES OF ECONOMICS MICRO ECONOMICS MACRO ECONOMICS
- 7. MICRO ECONOMICS Branch of economics that deals with behaviour and decision of smaller unit like individuals and business. Families, business and communities Domestic economics
- 8. MACRO ECONOMICS Branch of economics that deals with economic theory and economic decisions of large bodies like the government. Theories of economics Countries and their goverments Trade between countries
- 9. THANK YOU