Micro2_Chapter1

Micro2_Chapter1 - School of Business International...

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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 1 School of Business International University Mar 2009
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 2 Introduction ± Time: 3 hours ± Readings: ± Content: – Economics and Managerial Decision Making – The Economics of a Business – Review of Economic Terms
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 3 Learning Objectives ± Define managerial economics – Relationship to microeconomics and related fields ± Cite important types of decisions regarding allocation of scarce resources ± Provide examples of how changes affect company’s ability to earn an acceptable return ± Cite and compare the three basic economic questions from the standpoint of a country and a company
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 4 Economics and Managerial Decision Making ± Economics is “the study of the behavior of human beings in producing, distributing and consuming material goods and services in a world of scarce resources.” (McConnell, 1993) What does Economics study?
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 5 Economics and Managerial Decision Making ± Management is the discipline of organizing and allocating a firm’s scarce resources to achieve its desired objectives. Involves the ability to organize and administer various tasks in pursuit of certain objectives. What is Management?
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 6 Economics and Managerial Decision Making ± Managerial economics is the use of economic analysis to make business decisions involving the best use (allocation) of an organization’s scarce resources.
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 7 Discussion ± List the business disciplines that managers have to make decisions in a business ± Link these disciplines to the Economics issues
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This note was uploaded on 07/15/2011 for the course ECON 101 taught by Professor Abcd during the Spring '11 term at RMIT Vietnam.

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Micro2_Chapter1 - School of Business International...

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