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How economics contributes to managerial functions
However economics is variously defined, it's basically the study of logic andtechniques and tools, to make optimum use of available resources to attain the given ends. Economics affords analytical techniques and tools that managers require to achieve the goals of the organisation they manage. So a working knowledge of economics, not essentially a formal degree, is crucial for managers. Managers are basically practicing economists.
Explain the demand for a commodity The functional relationship between demand for a commodity and its various determinants may be expressed mathematically in terms of a demand
THEORY OF COMPARATIVE ADVANTAGE In his theory put forward in a book published in 1817, David Ricardo argued that what was needed for two countries to engage in international t
income generation process through investment multiplier
Types of isoquant
THE STRUCTURE OF POPULATION AND SUPPLY OF LABOUR The structure (also called age distribution or composition) of population, or the number of people in the different age groups
Determine the Specific Place of demand The demand should relate to a specific market as well. For instance, every year in the town of Dehradun, demand for school bags is 4,000
producer equllibrium
Q. Development of Skilled Labour - External Economies? As the industry grows training facilities for labour will increase. This helps development of skilled labour that would i
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
Advantages of Perfect Market It achieves, subject to certain conditions, an allocation of resources which is: socially optimal" or "economically efficient" or "pareto effi
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