Demand forecasting enables an organization to take various business decisions, such as planning the production process, purchasing raw materials, managing funds, and deciding the price… Read More »Demand Forecasting? and Objectives
The Elasticity of Demand is also referred to as the Price Elasticity of Demand. Alfred Marshall was the first economist to introduce the concept of elasticity… Read More »What is Elasticity of Demand?
Demand for a product implies: A desire to acquire it; willingness to pay for it ability to pay for it. Definition of Demand: “By demand,… Read More »Demand Analysis & Factors Affecting the Demand
In micro economic theory, the opportunity cost, also known as alternative cost, is the value of the choice of a best alternative cost while making a decision. A choice… Read More »Concept Of Opportunity Cost
Nature of business Economics: 1. Micro in nature: It is micro in nature. This is because economics is the study mainly at the level of the… Read More »Scope & Nature Of Managerial Economics
Business Economics: Business Economics is also known as Managerial Economics is nothing but the application of economic theories to business problems. Economic concepts,methods of analysis… Read More »Define Managerial Economics & Business Decision
Role of Managerial Economist: Managerial Economist plays a vital role in the decision-making process of an organization. He/she is responsible for assisting the top management… Read More »The Role of a Managerial Economist
Definition of Economics: They are different definition of economics. 1. Wealth Definition, 2. Welfare definition, 3. Scarcity definition, 4. Growth definition. 1. Wealth Definition: The… Read More »Definition of ECONOMICS?