chapter 1 ppt - Economics and Managerial Decision Making...

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1 LECTURE: OVERVIEW Managerial Economics: An Applied Course Economics and Managerial Decision Making conomics “the study of the behavior of 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) Journal of Economic Literature Classification System http://www.aeaweb.org/journal/jel_class_system.html Managerial economics is the use of onomic analysis to make business economic analysis to make business decisions involving the best use (allocation) of an organization’s scarce resources.
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2 Management is the discipline of organizing nd allocating a firm’s scarce resources to 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. • Relationship to other business disciplines
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This note was uploaded on 09/21/2011 for the course ECONOMICS 3315 taught by Professor Glasureyong during the Fall '11 term at University of Houston-Victoria.

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chapter 1 ppt - Economics and Managerial Decision Making...

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