BBA1CO1 MANAGERIAL ECONOMICS

Asst.Prof.Seena Alappatt
Department of Management Studies
SYLLABUS

Module 1:Introduction to Managerial Economics

Module II: Demand & Supply

Module III:Production & Cost

Module IV:Market Structure

Module V:Business Cycle

 What is Economics?
Economics is a Social Science.

Economics derived from Greek Word

“OIKONOMIA” –Household Management
 Definitions

Science of Dynamic Growth & Development

D

C W
Choice Making Science of Wealth

M
Science of Material wellbeing
 W-Science of Wealth

Father of Economics

Famous Book “An Inquiry Into the nature

and causes Of The Wealth of Nation”
Published in 1776.
Adam Smith
“Economics is the study of the nature and
causes of wealth of national wealth”

This definition is called -Wealth Definition

 M-Science of Material wellbeing

Wealth to Welfare

Famous book “Principles of Economics”

published in 1890
Alfred Marshal
“Political economy or economics is a study of
mankind in the ordinary business of life ; it
examines that part of individual and social action
which is most closely connected with the
attainment and with the use of the material
requisites of well-being.”

His definition is known as Welfare Definition.

 C-Choice Making
Famous book “Nature and Significance of
Economic Science” Published in 1932.

“Economics is a science which studies human

behavior as a relationship between ends and
scarce means which have alternative uses”

Lionel Robbins Scarcity is the root cause of all economic

problems.(a situation wherein the amount of
something available is insufficient to satisfy the
desire for it)
Here Ends-Wants
Means-Resources with which wants are
fulfilled.
Known as Scarcity definition
 D-Science of Dynamic Growth & Development

“Economics is the study of how men and

society choose, with or without the use of
money, to employ scarce productive resources
which could have alternative uses ,to produce
various commodities over time ,and distribute
them for consumption now and in the future
among various people and groups of society”
Paul Samuelson
This definition is known as Growth Definition