ME-1.pptx - INTRODUCTION TO MANAGERIAL ECONOMICS MODULE-I...

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INTRODUCTION TO MANAGERIAL ECONOMICS MODULE-I Dr. Uma M.H.
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What is Economics? What is Managerial Economics? Managerial Economics: Meaning & Definition Nature Scope Significance & Uses
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The Economic Problem Wants, desires: unlimited Resources: scarce Economic choice Economics How people use scarce resources to satisfy unlimited wants
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Resources Inputs; factors of production Used to produce goods and services Goods and services are scarce because resources are scarce 1. Labor 2. Capital 3. Natural Resources 4. Entrepreneurial ability
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Resources Labor – human effort Physical effort Mental effort Time Payment: Wage Capital – human creations Physical capital Human capital Payment: Interest
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Resources Natural resources – Gifts of nature Renewable Exhaustible Payment: Rent Entrepreneurial ability Talent, idea Risk of operation Payment: Profit
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Economics is a science of choice. Lionel Robbins defined Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
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Economic Decision Makers Households Consumers Demand goods and services Resource owners Supply resources Firms, Governments, Rest of the World Demand resources Produce goods and services
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Markets Bring together buyers and sellers Determine price and quantity Product markets Goods and services Resource markets Resources
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