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e303lect1F09 - Friday Lecture 1 Reading Baye Ch 1 pp 1-14...

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Friday August 21, 2008 Reading Baye, Ch. 1 pp 1-14 Lecture 1 Ch 1 pp. 14-19 (for next class) Problems: Ch. 1: 8 (to discuss in class) I. Chapter 1. The Fundamentals of Managerial Economics Preview: A. Definition of Topic . 1. Economics 2. Managerial Decisions B. Components of Effective Decision Making 1. Identify Goals and Constraints : 2. Recognize the Nature and Importance of Profits: Economic profits differ from Accounting profits. Good decision-making involves the maximization of economic profits. Lecture_______________________________________________ A. Definition of Topic. A first topic involves defining the scope of the course: 1. Economics : The study of how societies and individuals allocate scarce resources among competing ends. Observation: This is a study of allocation decisions. It applies widely to an immense variety of topics. It is not, for example, particularly focused on the decisions of businesses. It applies to profit as well as to non profit institutions. 2. The Manager . A person who directs resources to achieve a stated goal.
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