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Internal and External factors of business operation
External factors: A firm can't exercise any control over these factors. Thepolicies, plans and programmes of the firm must be formulated in the light of these factors. Significant external factors imposing on the decision-making process of a firm are economic system of the country, cycles, fluctuations in national production and nationalincome, industrial policy of government, trade and fiscal policy of government, licensing policy, taxation policy, trends in foreign trade of country, general industrial relation in country and so on.
Internal factors: These factors fall under the control of a firm. These factors are associated with business operation. Knowledge of these factors aids the management in taking sound business decisions.
Environmental issues of Managerial economics Managerial economics also includes some aspects of macroeconomics. These relate to political and social environment in that anin
Using Factor Incomes for Calculating National Income A second method is to sum up all the incomes to individuals in the form of wages, rents, interests and profits t
It is presumed that every of the different combinations of capital and labour displayed in Table produces the same level of output, which is, 20 units. Combinations are such that i
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
Time domain: Time domain is a term which is used to define the analysis of mathematical functions or physical signals, with respect to time. In the time domain, signal or function
how equilibrium output can be find in williamson model
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Explain about Pragmatic Managerial economics is pragmatic. In pure micro-economic theory, analysis is performed based on certain exceptions that are far from reality. Though in
Bank of Central Clearance ,Settlement and Transfer This function was first developed by the bank of England toward the middle of the nineteenth century. In 1954, a scheme was
explain williamsons model of managerial discretion?
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