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Published byRodger Cannon Modified over 9 years ago
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COURSE OUTLINE A APPLIED MICROECONOMICS (BUSINESS ECONOMICS) B ECONOMICS OF THE EUROPEAN UNION C CONTINUAL ASSESSMENT
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APPLIED MICRO (BUSINESS ECONOMICS) MANAGERIAL ECONOMICS INDUSTRIAL ECONOMICS FINANCIAL MANAGEMENT
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MANAGERIAL ECONOMICS - Operates within the context of the firm - Uses economic tools as an aid to the efficiency of the firm e.g. notions of efficiency, cost and profits demand concepts and forecasting pricing policies investment
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INDUSTRIAL ECONOMICS Operates in the context of industry and the general economy Studies more general patterns of organisation Theories of firm behaviour - classical, managerial and behavioural The growth of firms - vertical integration, diversification and mergers Industrial concentration and competition Government intervention e.g. privatisation
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FINANCIAL MANAGEMENT Offshoot of Managerial Economics Assessing environment for investment Investment appraisal Sources of finance - short - medium - long
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ECONOMIC EFFICIENCY Important concept in Managerial Economics FACTOR USE - ensures the lowest possible cost for any level of output (linear programming sometimes used in this regard) COST - ensures that the optimum level of output is obtained (a) short run (b) long run
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EFFICIENCY (Con) X INEFFICIENCY -relates to attitudinal factors affecting output e.g. management and industrial relations TECHNOLOGICAL -relates to capital investment in the most cost effective plant and machinery SOCIAL -e.g. external economies of scale – especially important in public utilities - environmental and social priorities
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ALLOCATIVE EFFICIENCY Concerned with meeting society preference for goods in an optimum manner Link with opportunity cost curve Transactions Costs and Efficiency
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