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WHY MANAGERS NEED TO KNOW ECONOMICS
The influence of economics towards the performance of managerial duties and responsibilities is of major importance. The importance and contribution of economics to the managerial profession is akin to the contribution of biology to medical profession and physics to engineering. It has been perceived that managers equipped with a working knowledge of economics overcome their otherwise equally qualified peers, who lack knowledge of economics. Managers are responsible for attaining the objective of the firm to the maximum possible extent with limited resources placed at their disposal. It is significant to note that maximisation of objective has to be attained by utilising limited resources. In the event of resources being unlimited, such as sunshine orair, the problem of economic utilisation of resources or resource management wouldn't have arisen.
BALANCE OF PAYMENTS The Balance of Payments of a country is a record of all financial transactions between residents of that country and residents of foreign countries. (Resi
Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd=100-3P. The annual market supply is given by Qs=P. In both
Explain a circular flow of income in a frugal econmomy with diagram
The Circular Flow of Income and Expenditure This is an economic model illustrating the flow of payments and receipts between domestic firms and domestic households. The househo
Q. Define Profit maximisation theory? Profit maximisation theory defines that firms (corporations orcompanies) will establish factories where they see potential to achieve the
Q. Show the Characteristics of monopoly? Let's summarise the main characteristics of monopoly as under: Cross-elasticity of demand for a monopoly product is zero in the
Singapore Airlines is facing the possibility of a new competitor " Qantas " to enter the Singaporean market, especially in premium market, Singapore Airlines is dominant on the ma
Electron Control, Inc., sells voltage regulators to other manufacturers, who then customize and distribute the products to quality assurance labs for their sensitive test equipment
INTERNATIONAL TRADE Definition It is the exchange of goods and services between one country and another. International Trade can be in goods, termed visibles or in servi
Perfectly Inelastic (Zero Elastic) Supply Supply is said to be perfectly inelastic if the quantity supplied is constant at all prices. The supply curve is a vertical straight
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