Principles of managerial economics
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Principles of managerial economics
This text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics sted by the work's original creator or licensee.Saylor URL: http://www.saylor.orR/booksSaylor.org1Chapter 1 Introduction to Managerial EconomicsWhat Is Managerial Economics?One standard definition for economics is tile study of the production, distribution, and consumption of goods and senices. A se Principles of managerial economics cond definition is the study of choice related to the allocation of scarce resources. The first definition indicates that economics includes any businPrinciples of managerial economics
ess, nonprofit organization, or administrative unit. The second definition establishes that economics is at the core of what managers of these organizThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics aces special emphasis on the choice aspect in the second definition. The purpose of managerial economics is to provide economic terminology and reasoning for the improvement of managerial decisions.Most readers will be familiar with two different conceptual approaches to the study of economics: micr Principles of managerial economics oeconomics and macroeconomics. Microeconomics studies phenomena related to goods and sen ices from the perspective of individual decision-making entitPrinciples of managerial economics
ies—that is, households and businesses. Macroeconomics approaches the same phenomena at an aggregate level, for example, the total consumption and proThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics of atomic entities in an economy. However, understanding the systematic interaction of the many households and businesses would be too complex to derive from descriptions of the individual units. The macroeconomic approach provides measures and theories to understand the overall systematic behavior Principles of managerial economics of an economy.Since the purpose of managerial economics is to apply economics for the improvement of managerial decisions in an organization, most ofPrinciples of managerial economics
the subject material in managerial economics has a microeconomic focus. However, since managers must consider the state of their environment in makingThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics forecast macroeconomic measures is useful in making managerial decisions.1.1Why Managerial Economics Is Relevant for ManagersIn a civilized society, we rely OI1 Olliers in the society to produce and distribute nearly all the goods and sen-ices wo need. I lowever, the sources of those goods and serv Principles of managerial economics ices arc usually not other individuals but organizations created for the explicit purpose of producing and distributing goods and services. Nearly evePrinciples of managerial economics
n- organization in our society—whether it is a business, nonprofit entity, or governmental unit—can be viewed as providing a set of goods, services, oThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics y acknowledge that the subject matter of economics applies to their organizations and to their roles as managers. However, some readers may question whether their own understanding of economics is essential, just as they may recognize that physical sciences like chemistry and physics are at work in Principles of managerial economics their lives but have determined they can function successfully without a deep understanding of those subjects.Whether or not the readers are skepticalPrinciples of managerial economics
about the need to study and understand economics per se, most will recognize the value of studying applied business disciplines like marketing, produThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics programs, and most managers can readily describe their role in their organization in terms of one or more of these applied subjects. A careful examination of the literature for any of these subjects win reveal that economies provides key terminology and a theoretical foundation. Although wo can appl Principles of managerial economics y techniques from marketing, production/operalions management, and finance without understanding the underlying economics, anyone who wants to understPrinciples of managerial economics
and the why and how behind the technique needs to appreciate the economic rationale for the technique.Wo live in a world with scarce resources, which This text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics /w w w. say I o r.org/pooksSaylor.org3Organizations that provide goods and sen ices will survive and thrive only if they meet the needs for which they were created and do so effectively. Since the organization's customers also have limited resources, they will not allocate their scarce resources to Principles of managerial economics acquire something of little or no value. And even if the goods or sen ices are of value, when another organization can meet the same need witli a morePrinciples of managerial economics
favorable exchange for the customer, the customer will shift to the other supplier. Put another way, the organization must create value for their cusThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics cs have a competitive advantage in creating value.1.2Managerial Economics Is Applicable to Different Types of OrganizationsIn this book, the organization providing goods and sendees will often be called a"business“ or a "firm,” terms that connote a for-profit organization. And in some portions of th Principles of managerial economics e book, we discuss principles that presume the underlying goal of the organization is to create profit. However, managerial economics is relevant to nPrinciples of managerial economics
onprofit organizations and government agencies as well as conventional, for-profit businesses. Although the underlying objective may change based on tThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics ial economics also addresses another class of manager: the regulator. As we will discuss in Chapter 8 "Market Regulation", the economic exchanges that result from organizations and persons trying to achieve their individual objectives may not result in the best overall pattern of exchange unless the Principles of managerial economics re is someregulatory guidance. Economics provides a framework for analyzing regulation, both the effect on decision making by the regulated entities aPrinciples of managerial economics
nd the policy decisions of the regulator.1.3The Focus of This BookThe intent of this book is to familiarize the reader with the key concepts, terminolThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as reques Principles of managerial economics suppliers, your competitors, and yourSaylor URL: http://V.'V.'V.1, sa yl o r.org/pooksSaylor.org4rẹjọ^|regulators. You will learn principles that should improve your intuition and your managerial decisions. You will also be able to communicate more effectively with your colleagues and with expert co Principles of managerial economics nsultants.This text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requesThis text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requesGọi ngay
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