Managerial Economic
Lernkarten
Lernkarten
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Cartes-fiches
A Manager
A Manager is a person who directs resources to achieve a stated goal.
Economics #1
The study of logic, tools and techniques, to make optimum use of the available resources to achieve a desired outcome.
Economics #2
The social science which involves the actions of individuals and groups of individuals in the process of producing, exchanging and consuming goods and services.
Factors of Production (FOP)
Human Resources (Labour and Entrepreneur) Capital Resources (Natural eg. land and Man-Made eg. structures, equipment, inventories)
Microeconomics
The behavior of individuals eg. consumer, producer oer a market.
Macroeconomics
The behaviour at large eg. national income, agricultural output, unemplyment etc.
Managerial Economics #1
The study of how to direct scarce resources in a way that most effeciently achieves a managerial goal.
Managerial Economics #2
The integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.
