Managerial economics deals with scarcity and resource allocation to maximize satisfaction. It involves decision making including defining targets, analyzing alternatives, and choosing the best option. An example shows that US healthcare spending has increased faster than GDP since 1990 due to rising costs measured as a percentage of GDP. Managerial economics examines the production, demand, and distribution of goods and services in an economy.
𐫱 This file is especially for engineering students.
This is 'economics for engineers'.
I hope it will help you in your studies as well as university exams.😃
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This first lecture serves as an introduction to economics in general.
Introduction To Microeconomics - Class 12AnjaliKaur3
This PPT describes the introduction of microeconomics as a branch of economics. It will be really helpful for class 12 students preparing for their board exam and also for teachers to use it as a teaching aid.
𐫱 This file is especially for engineering students.
This is 'economics for engineers'.
I hope it will help you in your studies as well as university exams.😃
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This first lecture serves as an introduction to economics in general.
Introduction To Microeconomics - Class 12AnjaliKaur3
This PPT describes the introduction of microeconomics as a branch of economics. It will be really helpful for class 12 students preparing for their board exam and also for teachers to use it as a teaching aid.
Introduction to Managerial Economics, What is Business Economics, Definition,SCOPE OF ECONOMICS, Scope of BE in Managerial Decision Making, Role of business economics,Comparing Business Economics And Economics, Relevance of Business Economics, Factors of Production, CENTRAL PROBLEMS OF AN ECONOMY OR BASIC ECONOMIC PROBLEMS
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
2. Economics …?
• Social science
• Dealing with scarcity
• Allocation of available resources to maximise
satisfaction
• Choice making
• Prioritization
• Affordability
• Risks and uncertainty
http://www.youtube.com/watch?v=2YULdjmg3o
3. Economics – An overview
Challenges
and opportunities
Improved present
and future outcomes
Economic knowledge
Description
Explanation
Prediction
Recommendation
4. Decision making in business
• Defining target
• Studying socio-politico-economic
environment (collection of information)
• Exploring courses of action
• Analysing alternatives
• Choosing best alternative
• Validation through experiment
• Execution
5. Economics - An Overview
(cont’d)
An Example -
To understand the economic way of
thinking in more detail, let us focus on an
observation on Healthcare and the US
economy.
6. Health-Care and the US Economy
• Observation: Health-care spending has increased
faster than the rest of the U.S. economy since 1990.
• To understand how we ended up with the
observation, we need:
• a measure of health-care spending
• a measure of the overall size of the U.S. Economy
7. Health-Care and the US Economy
• Measure of size of the Economy: Gross Domestic
Product (GDP) - a measure of the value of all
goods (cars, trucks, houses, TVs, etc.) and
services (education, IT, health-care, etc.)
produced in an economy during a specified
period of time.
• Health-care spending – includes payments for
hospital services, lab tests, nursing homes, visits
to doctors, medicines, eyeglasses, and more.
8. Health-Care and the US Economy
• One way to assess health-care spending compared to
the spending of all goods and services is to look at
health spending as a share of GDP, or:
10. Health-Care and the US Economy
• Column (3) in Table shows the share of health-
care spending to GDP has gradually increased
from 9.6 percent in 1990 to 11.9 percent in
2004.
12. The three questions ….
• What is to be produced ?
• Theory of DEMAND- studying consumers
• How is it to be produced ?
• Theory of PRODUCTION & COST - producers
• Who gets the output?
• Mechanisms for ‘fair’ distribution: Govt. regulation &
MARKET MECHANISM (pricing theory, profit
maximisation, risks and uncertainty)
SCOPE OF MANAGERIAL ECONOMICS
13. The Circular Flow Model
A model that illustrates the flow of
funds and goods and services through
the economy as people (households
and firms) buy and sell in markets.
14. The Circular Flow Model
The Two Major Players
Households – who buy goods and services and sell their labor
services to firms in the labor market. Households also supply
capital to firms in the capital market
Firms – sell goods and services in the goods market and buy
the labor services that households sell in the labor market.
Firms also demand (or borrow with interest) capital from
households in the capital market.
16. The three markets:
1) the labor market
2) the capital market
3) the goods and services market
The Circular Flow DiagramThe Circular Flow Diagram
in Health Carein Health Care
18. Economic Models
Economic Model
• An explanation (or representation) of how
the economy or part of the economy
works.
• Abstractions or simplifications of the real
world.
19. Economic Models: an
Example
4 ways to illustrate economic relationship
between variables:
1. with words,
2. with a numerical value,
3. with a graph, and
4. with algebra or an equation.
20. Economic Models: an Example
Relationship between number of doctors employed at anRelationship between number of doctors employed at an
HMO and number of physical examinations givenHMO and number of physical examinations given
21. Microeconomic vs. Macroeconomic
Models
• Microeconomics: the branch of economics that
examines individual decision making at firms and
households and the way they interact in specific
industries and markets.
• Macroeconomics: the branch of economics that
examines the workings and problems of the
economy as a whole---focuses on variables such
as GDP growth and unemployment.
22. Impacts of Economics on Public
Policy
• Positive Economics: economic analysis that
explains what happens in the economy and why,
without making recommendations about
economic policy.
• Examples of the scope of positive economics:
• Explaining why governments increase or
decrease tax rates.
23. Impacts of Economics on Public
Policy (cont’d)
• Normative Economics: economic analysis that
makes recommendations about economic policy;
aims to develop and recommend policies about
what the government should do.
• Examples of the scope of normative economics:
• Recommend that the government increase tax
rates to prevent a budget deficit.
24. Positive or Normative
Economics?
• Are the statements below positive or normative
statements?
• Countries with high population growth rates usually have
low income per capita.
• Countries should have population control as part of its
growth strategy.
• The best policy to discourage population growth is to tax
families with more than 4 children.
• A $1000 tax per child levied on families with more than 4
children in the US could generate revenues of more than
$40 million dollars.
Answer: Positive, Normative, Normative, Positive.
25. Recap
• Economics – An overview
• Scope of Managerial Economics
• The Circular Flow Model (case of health
care
• Economic Models
• Microeconomics and Macroeconomics
• Positive or Normative Economics