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  • Managerial Economics: Course Title

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    Marie Elliott
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    This document provides an overview of managerial economics as a course, including definitions of economics, key contributors to the field, fundamental economic problems, and the differences between microeconomics and macroeconomics. It notes that economics comes from Greek words meaning "household management." It identifies Adam Smith as establishing economics as the "science of wealth" and Alfred Marshall and L. Robbins as providing definitions. Fundamental economic problems are outlined as what, how, for whom to produce as well as resource utilization and purchasing power. Microeconomics studies individual units while macroeconomics looks at all units in aggregate; the pioneers of each are identified as Alfred Marshall and John Maynard Keynes respectively.

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    Introduction to microeconomics

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    Economics.pptx

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    This document provides an overview of managerial economics as a course, including definitions of economics, key contributors to the field, fundamental economic problems, and the differences between microeconomics and macroeconomics. It notes that economics comes from Greek words meaning "household management." It identifies Adam Smith as establishing economics as the "science of wealth" and Alfred Marshall and L. Robbins as providing definitions. Fundamental economic problems are outlined as what, how, for whom to produce as well as resource utilization and purchasing power. Microeconomics studies individual units while macroeconomics looks at all units in aggregate; the pioneers of each are identified as Alfred Marshall and John Maynard Keynes respectively.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    9 views5 pages

    Managerial Economics: Course Title

    Uploaded by

    Marie Elliott
    This document provides an overview of managerial economics as a course, including definitions of economics, key contributors to the field, fundamental economic problems, and the differences between microeconomics and macroeconomics. It notes that economics comes from Greek words meaning "household management." It identifies Adam Smith as establishing economics as the "science of wealth" and Alfred Marshall and L. Robbins as providing definitions. Fundamental economic problems are outlined as what, how, for whom to produce as well as resource utilization and purchasing power. Microeconomics studies individual units while macroeconomics looks at all units in aggregate; the pioneers of each are identified as Alfred Marshall and John Maynard Keynes respectively.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 5

    Course Title

    Managerial Economics
    Course Instructor
    Dr. Venkatraja

    Meaning & Definition


    The word ECONOMICS is derived from Greek
    wordsoikos =household &
    nomos=management
    Economics=household management
    The word Economy is
    derived from Greek word oikonos = one
    who manages a household.

    Adam Smith
    Father of Economics
    Book- An Inquiry into the Nature and Causes of Wealth of
    Nations
    Published in 1776
    He defines Economics as science of wealth
    Alfred Marshall
    Principles of Economics
    1890
    Economics is the study of mankind in the ordinary
    business of life.
    Prof.L.Robbins
    The Nature and Significance of Economic Science
    1932
    Is a science which studies human behaviour as a
    relationship between ends and scarce means which have
    alternative uses.

    Fundamental Economic Problems

    What to produce & in what quantity?


    How to produce?
    For whom to produce?
    Are the resources being fully utilised?
    Is the capacity to produce growing?
    Is the purchasing power of money
    constant or is it being eroded due to
    inflation?

    Micro Economics & Macro Economics


    Micro Economics
    Meaning
    Studies the economic behaviour
    of individual economic unit
    Methodology
    Slicing Method=splits up the
    economy into smaller parts for
    study
    Domain
    Theory of pricing product &
    factor prices
    Limitations
    Based on wrong assumptionperfect competition, full
    employment etc.
    No light on functioning of
    national economy.
    Pioneer
    Dr. Alfred Marshall Principles of
    Economics-1980

    Macro Economics
    Studies the economic behaviour
    of all the units taken together
    Lumping Method= average &
    aggregate study
    Theory of income, output and
    employment

    Excessive generalisation
    Lumping the sectors which are
    not homogeneous

    John Maynard Keynes - General


    Theory of Employment, Interest
    and Money- 1936

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