Essay on Lecture 1

Submitted By sportieXgal

Words: 385

Pages: 2

Open Document

Manager: A person who Makes decisions and follows plans to make their company efficient
Economics: the science of making decisions due to scarcity Scarce resources of company, important company resources
Managerial Economics: study of how to allocate scarce resources efficiently to achieve a managerial goal. Maximize revenue, minimize cost
Decision making involves well-defined and achievable goals to gain profit and reduce costs even with the constraints we face such as limited labour, resources, etc.
Accounting Profits: total revenue – cost of goods sold/produced
Economic Profits: total revenue – total opportunity cost
OPORTUNITY COST
Accounting cost: explicit costs of the resources needed to produce G&S
Opportunity cost: explicit and implicit costs of the resources forgone when a decision is made
Economic profits: Total revenue – opportunity cost
Profits signal to resource holder where resources are highly valued Resources will flow INTO industries that are highly values by society Profitable industries will attract new entrants which will increase competition leading to lower prices and higher innovation to attract and maintain customers
TRUE OR FALSE
The higher the wage a manager pays their employees the harder they will work FALSE: incentives are better than a pay increase
The higher the price a manager pays for a product the better the quality FALSE: quality doesn’t depend upon money; it depends on the inputs and their overall production quality TRUE: some places this does become true, mostly you have to monitor and have your own standard that the product must achieve
Incentives play

Lecture 1 Essay

Sociology Notes- Lecture 1 12/11/2011 2:44:00 PM Sociology: systematic study of human groups and their interactions Sociological perspective: a view of society based on the dynamic relationships between individuals and the larger social network in which we all live. Charles Wright Mills Quality of mind: Mill¶s term for the ability to view personal circumstance within a social context Sociological imagination: CW Mill¶s term for the ability to perceive how dynamic social forces influence…

Words 1380 - Pages 6

Lecture 1 Essay

ECON7020 Macroeconomics for Business  Introduction  the issues macroeconomists study  the tools macroeconomists use  some important concepts in macroeconomic analysis LECTURE 1 Introduction to Macroeconomics  Text treatment: Mankiw 8th (& 7th) edition, Ch. 1-2 2 Outline of the course:  Introductory material (Chaps. 1, 2 & 3)  Growth Theory (Chaps. 8-9) The standard of living and its growth rate over the very long run  Classical Theory contd (Chaps. 4, 5 & 6) How the economy works in…

Words 2672 - Pages 11

lecture 1 Essay example

COMM 491 927 Summer 2015 Lecture 1 Introduction to strategic management • Strategy – a plan, a pattern, a ploy??? • •Mission • -A description or declaration of why a company is in operation • •Competitive advantage • –A firm’s profitability is greater than the average profitability for all firms in its industry Determinants of Shareholder Value To increase shareholder value, managers must pursue strategies that increase the profitability of the company and grow the profits. Differences in…

Words 735 - Pages 3

Lecture 1 Essay

Ancient Spectacle Lecture 2 (Prehistory, Mesopotamia, Egypt, Wrestling in the Bible, Minoan Crete) Questions to ask about ancient spectacle and the limitations of the available evidence: Might there have been an ECONOMIC/PRACTICAL function for such events? Might there have been a RELIGIOUS/RITUALISTIC purpose for such events? Might there have been an ENTERTAINMENT motivation for such events? Might there have been POLITICAL DYNAMICS associated with such events? What SOCIAL FUNCTION(S) might these…

Words 583 - Pages 3

Lecture 1 Notes Essay

Lecture 1. What is Health? • Not simply absence of sickness or disease • Alternative definitions: o Presence of sufficient energy and vitality to accomplish daily tasks and active recreational pursuits without undue fatigue o Health is a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity • WHO, 1946 Why is Health Important? • Economic reasons: o Sick days o Healthcare costs • Personal reasons: o Stress o Ability to perform activities…

Words 1469 - Pages 6

Lecture 1 Additional Q2 1 Essay

Lecture 1 Additional Q2 (a) From the market line, we can see that $4m in Period 1 becomes $5m in Period 2. This tells us that the market interest rate is (5-4)/4 = 25%. (b) The firm should invest $2.6m (the total amount available to the firm for either investment or a dividend payout) less $1.6m (from the optimal investment point - this is the amount to pay as a dividend) which gives $1 million. (c) This investment will be worth $3 million in Period 2, since this is the y-value of the optimal…

Words 457 - Pages 2

Essay on 1 2 Lecture

cell division and embryonic development, large amounts of undifferentiated tissue is formed- all other tissues stem from these These cells begin to differentiate as the embryo develops. catalog.flatworldknowledge.com Jan 30-9:52 AM Jan 30-9:58 AM 1 Cell Biology 2B Intro to Cells Continued, Ultrastructure of Cells.notebook January 30, 2015 Significance of STEM cells Stem cells can divide over and over to make large quantities of new cells- can help replace cells that have been lost or damaged…

Words 554 - Pages 3

1 Lecture 1 Argument intro Essay

What are Arguments? Were I to tell you that I just had an argument with my spouse, you might assume a number of things about that argument. For instance, you might immediately think that my spouse and I were involved in a disagreement or dispute of some kind. You might also think that any of the following were involved: anger, harsh words, door slamming, object throwing – you get the picture! In logic (and in most academic subjects), we use the word “argument” very differently. An argument is…

Words 511 - Pages 3

Lecture 1 Powerpoint Essay example

BFF 5230 Global Financial Markets Lecture 1: Introduction to international financial markets Do you have a disability, medical or mental health condition that impacts on your study? The Disability Liaison Unit (DLU) provides a range of services for registered students including: • • • • Notetakers and Auslan interpreters Readings in alternative formats Adaptive equipment and software Alternative arrangements for exams For further information and details about how to register: Email: dlu@monash…

Words 4161 - Pages 17

Orgo lecture 1 notes Essay

ORGO310 LECTURE 1 TOPICS CHOLRINATION RXN  replaces a H+ atom with a Cl- atom SUBSITUATION RXN an atom is REPLACED by another atom ELIMINATION RXN produces a double bond be REMOVING 2 adjacent atoms. SYNTHESIS general term that describes making of compound from other compounds. Q What is difference between H atom, Hydride ion, and H cation? Structural isomerism/constitutional isomerism, is a form of isomerism in which molecules with the same molecular formula have bonded together…

Words 509 - Pages 3