MBA management

Theoretical Foundation of Managerial Economics

Managerial Economics is economics applied in decision-making. It is that branch of economics that serves as a link between abstract theory and managerial practice. Managerial economics is concerned with the business firm and the economic problems that every management need to solve. Managerial Economics has a close connection with economic theory (micro as well as macro-economics), operations research, statistics, mathmatics and theory of decision-making. Managerial Economics also draws together and relates ideas from various functional areas of management like production, marketing, finance & accounting, project management etc. Economics as a science is concerned with the problem of allocation of scarce resources among competing ends. These problems of allocation are on a regular basis confronted by individuals, households, firms as well as economies. Economics provides us with a number of concepts and analytical tools to help us understand and analyse such problems. Managerial Economics may be taken as economics applied to problems of choice of alternatives of economic nature and allocation of the resources by the firms. In other words, managerial economics involves analysis of allocation of the resources available to a firm or a unit of management among the activities of that unit. It is thus concerned with choice or selection among alternatives... managerial economics

Theory of Competition and Models of Markets and Economics

In Economics, the term 'market' is used in reference to a commodity, such as cloth market, furniture market etc. or a market for some factor of production. The demand and supply forces work in opposite directions bringing the market players to a bargain front, wherein both together strike a deal. The equilibrium prices are determined by the forces of demand and supply. The theory of demand provides an explanation of the consumer's behaviour in order to deduce the demand for a commodity. Similarly, the theory of firm explains the goals and objectives of a firm with a view to determine the supply of a commodity. The theory of demand and the theory of firm together enable us to ascertain the price and output of a commodity or service by the free interplay of the forces of demand and supply in the market in the absence of market intervention. The nature of the demand curve and the price-output business decisions depend upon the type of the market in which the commodity is produced and sold... managerial economics

Macro Economic Theory and Alternative Theories of Finance

Macroeconomics is the study of economy as a whole. The study of the economy as a whole is carried out by analyzing the behaviour of and interaction between macroeconomic variables including national output (GDP and GNP), aggregate employment, the general price level, aggregate consumption, savings and investment, price level and economic transactions with the rest of the world. Precisely, macroeconomics studies the relationship and interaction between the macroeconomic variables and other internal and external 'factors or forces' that determine the level and growth of national output and employment, the general price level and the balance of payments position of an economy. According to Boulding, "Macroeconomics is the study of the nature, relationships and behaviour of aggregates of economi quantities. Macroeconomics deals not with individual quantities as such, but aggregates of these quantities not with individual incomes, but the national income, not with individual prices, but with the price levels, not with individual output, but with the national output." Samuelson has defined it as, "Macroeconomics is the study of the behaviour of the economy as a whole. It examines the overall levels of a nation's output, employment, prices and money."... managerial economics

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Review Questions
  • 1. What is Managerial Economics? What are its chief charateristics?
  • 2. Discuss the nature and scope of Managerial Economics.
  • 3. Managerial economics has a close connection with micro-economic theory, macro-economic theory, operations research, theory of decision-making, mathematics and statistics. - Elaborate
  • 4. "Managerial Economics bridges the gap between economic theory and business practice". Discuss
  • 5. How is Managerial Economics different from Traditional Economics?
  • 6. Discuss the role of a managerial economist in business.
  • 7. "Managerial economics is perspective rather then descriptive in nature". Discuss
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