Dr. Shradha Malhotra Banga Managerial Economics. We study through… Managerial Economics Interaction Simulation Feel The Need! Concepts Application.

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Presentation transcript:

Dr. Shradha Malhotra Banga Managerial Economics

We study through… Managerial Economics Interaction Simulation Feel The Need! Concepts Application

Economics  Study of  How economic agents  Choose scarce resources  To fulfil unlimited wants…..  Examples????

What is managerial economics? Study that deals with economic behaviour Of Individual decision making units… -Consumers -Producers -Resource owners -individual markets..

o3M The Haves and Have nots And Decision making and breaking….

Need : Know your customer

Need: Know your company

Reason: Circular flow of goods and services

Food for thought:  What will happen:  If government gets in?????  If exports and imports take place?????

What problems are faced by economies then…  What to produce  How to produce  For whom to produce  And who makes these decisions…  Based on Type of Economy..

Types of Economies:  Free enterprise economy: US, UK, France, Germany  Command Economy: Cuba, North Korea, China, Russia, Iran  Mixed Economy: A blend of both…  all economies are mixed economies today… having different level of government control.

Three basic problems of a firm What to produce… CD, FMCG,Automobile etc Decide based on skills, capital etc How to produce…. Capital/ Labour Intensive Decide on basis of price and availability of factor of production For whom to produce…. Companies (B2B), customers, type of customers… Depending upon marketing and sales linkages and access…

A few concepts…  Positive Analysis: Study of what is apparent  Normative Analysis: Suggestive study or study of what ought to be  Scarcity: shortage of resources  Choice: selection of preference..

Good Day!