Why managers need to know economics, Managerial Economics

Assignment Help:

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.

 


Related Discussions:- Why managers need to know economics

To what extent has the imf achieved its objectives?, To what extent has the...

To what extent has the IMF achieved its objectives? The objective of achieving full convertibility of currencies has not been achieved.  In the first place countries impose re

Question, Calculate point elasticity of demand for demand function Q=10-2p ...

Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2

Investment demand theory , In the national income analysis, investment ref...

In the national income analysis, investment refers to the value of than part of the aggregate output for any given time period which takes the form of construction of new structure

State about managerial economics, State about Managerial economics Man...

State about Managerial economics Managerial economics is a discipline which is designed to facilitate a solid foundation of economic understanding for business managers and al

Limitations of uneven distribution of income and wealth, Limitations of Une...

Limitations of Uneven Distribution of Income and Wealth Unlike the historical experience of the now developed countries, the rich in contemporary Third World Countries are not

Business cycle, BUSINESS CYCLES Meaning: The business cycle is ...

BUSINESS CYCLES Meaning: The business cycle is the tendency for output and employment to fluctuate around their long-term trends.  The figure below presents a stylised

Effectiveness of trade unions in developing countries, Effectiveness of Tra...

Effectiveness of Trade Unions in Developing Countries Trade Unions in developing countries tend to be less effective in their wage negotiations with employers than their count

Special drawing rights, Special Drawing Rights (SDR) These are interna...

Special Drawing Rights (SDR) These are international reserve currencies created by the International Monetary Fund  (IMF) to overcome the problems of using gold and national c

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd