BUSINESS AND NEW
Business means a state of being busy
A person or group of persons engaged in a
trade, service, mercantile, commercial or
industrial undertaking for profit, is called
Most Important Questions for Final Exam, MEFA (Unit Wise)
Define Managerial Economics. Explain its Nature And Scope.
Discuss the importance of Managerial Economics in decision making.
What is Ma
What is a Market?
Market is defined as a place
or point at which buyers and
sellers negotiate their exchange
of well-defined products or
Market is any area over which
INTRODUCTION TO MANAGERIAL ECONOMICS
Imagine for a while that you have finished your studies and have joined as an engineer in
a manufacturing organization. What do you do there? You plan to produce maximum
quantity of goods of a
What is production?
Production is an
activity that transforms
inputs into output.
It can be defined as the
process of creation of utility.
Production Function is purely a
UNIT - 1
Origin of Economics
Our activities to generate
income are termed as economic
activities, which are responsible for
the origin and development of
Economics as a subject.
1776 : Adam Smith (Father of Economics)