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Exam 1 Notes - sell a product or service manage a...

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Managerial Economics Exam 1: September 27th - Managerial economics; definition of it on exam, use information to make decisions, based on GDP - Macroeconomics: study of economic behavior of entire economies - Microeconomics: study of economic behavior in particular markets, individuals and firms - Recession is over GDP is increasing continued economic growth for 6-8 years - Scope of managerial economics 1. problems of managers use inputs efficiently interpret economic studies evaluate long term investments
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Unformatted text preview: sell a product or service manage a production system 2. managerial economics use to make decisions not describing an economic environment like micro and macro does $ Land, labor, capital, entrepreneurial expertise CORP $ Output 3 rd world country labor is replacing machines Basic steps in decision making 1. Establish objectives 2. Define the problem 3. Identify possible solutions 4. Select the best solution 5. Implement the solution Stock...
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