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Published by Subhash Soni

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Published by: Subhash Soni on Apr 27, 2011
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  ASG1Subhash ku. seni 18/11/2010WHO IS MANAGER?Manager part of economic and human resourseDecission based on informationThe Manager, who is responsible for planning and directing the work of a group of individuals,monitoring their work, and taking corrective action when necessary. For many people, this is their first step into a management career.Managers may direct workers directly or they may directseveral supervisors who direct the workers. The manager must be familiar with the work of all thegroups he/she supervises, but does not need to be the best in any or all of the areas. It is morewell.WHAT IS ECONOMICS ?Economics is the production, distribution, and consumption of goods and services. The termeconomics comes from the Ancient Greek  (oikonomia, "management of a household,administration") from  (oikos, "house") +  (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic models emerged from the broader field of political economyin the late 19th century. A primary stimulus for the development of modern economics was thedesire to use an empirical approach more akin to the physical sciences.Economics aims to explain how economies work and how economic agents interact. Economicanalysis is applied throughout society, in business, finance and government, but also in crime,education, the family, health, law, politics, religion, social institutions, war and science. Theexpanding domain of economics in the social sciences has been described as economicimperialism.DEFINITION ON ECONOMICS-"Economics is the science which studies human behavior as a relationship between given endsand scarce means which have alternative uses.´-- Lionel Robbins, An Essay onthe Nature and Significance of Economic Science (London: MacMillan, 1932)There are 2 types of economic ±1. MICROECONOMICS-Microeconomics, which examines the behavior of basic elements in the economy, includingindividual markets and agents as consumers and firms, buyers and sellers.2. MACROECONOMICS-Macroeconomics, which addresses issues affecting an entire economy, including unemployment,inflation, economic growth, and monetary and fiscal policy.
 
 
What is managerial economic?
Managerial economics is a study of application of managerial skills in economics, more over ithelp to find problems or obstacles in the business and provide solution for those problems.Problems may be relating to costs ,prices, forecasting the future market, human resourcemanagement, profits etc.1.Managerial Economics micro-economic in character.2. Managerial Economics largely uses that body of economic concepts and principles, which isknown as µTheory of the firm¶ or µEconomics of the firm¶. In addition, it also seeks to apply ProfitTheory, which forms part of Distribution Theories in Economics.3. Managerial Economics is pragmatic. It avoids difficult abstract issues of economic theory butinvolves complications ignored in economic theory to face the overall situation in which decisionsare made.
Nature of managerial economics:
1. Micro Economics2. Theory of the firm3. Managerial Economics is Pragmatic (practical in outlook)4. Managerial economics is normative5. Using inputs from Macroeconomics6. It is concerned with Normative Economics
Scope of managerial economics:
Operational issues
1. Resource Allocation2. Demand Analysis and Forecasting3. Cost and Production Analysis4. Pricing Decisions, Policies and Practices5. Profit Management6. Capital Management7. Strategic Planning
Environmental or external issues
· Economic Environment· Social environment· Political Environment· Technological Environment· International environmentWHAT IS RESOURCES?Resources include the time and talent people have available, the land, buildings, equipment, andother tools on hand, and the knowledge of how to combine them to create useful products andservices.
 
Important choices involve how much time to devote to work, to school, and to leisure, how manydollars to spend and how many to save, how to combine resources to produce goods andservices, and how to vote and shape the level of taxes and the role of government.people appear to use their resources to improve their well-being. Well-being includes thesatisfaction people gain from the products and services they choose to consume, from their timespent in leisure and with family and community as well as in jobs, and the security and servicesprovided by effective governments. Sometimes, however, people appear to use their resources inways that don't improve their well-being.
Resources have three main characteristics:
y
utility,
y
quantity (often in terms of availability),
y
consumption.
Types of resource
1. Natural resources
Natural resources are derived from the environment. Many of them are essential for our survival whileothers are used for satisfying our needs.
2. Human resources
Human beings are also considered to be resources. Human Resources defined as a human¶s skills,energies, talents, abilities and knowledge that are used for the production of goods or the rendering of services.In a project management context, human resources are those employees responsible for undertaking theactivities defined in the project plan.
3. Tangible / intangible resources
Resources may be split into tangible and intangible resources.Tangible resources are those resources like equipment, vehicles which have actual physicalexistence;Intangible resources are things like corporate images, brands and patentes that are present butcannot be grasped or contained.
 What is Demand?
Demand is how much of something people want. It sounds a little bit harder to measure, but itreally isn't. To measure demand, we can use a very simple numbering system, just like the supply
Characteristics of resources

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