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TYPES OF MONEY IN ECONOMICS WHAT IS MONEY? Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. It is a commodity which is widely accepted in payment of goods and services in settlement of debts can be called as money. Money is commonly referred…
In this post you will study scope of managerial economics. Study and make the proper notes grabbing full understanding of this topic. SCOPE OF MANAGERIAL ECONOMICS Scope of a discipline refers to the various concepts, laws and theories which are studied in that subject. The scope of managerial economics includes various concepts, laws, theories and…
CHARACTERISTICS OF MANAGERIAL ECONOMICS Managerial Economics refers to that branch of economics which is related with the application of various laws, theories and methods of economics to the business decision-making by the business manager. The following are the Characteristics of Managerial Economics: CHARACTERISTICS OF MANAGERIAL ECONOMICS MICRO IN NATURE Managerial Economics is mainly micro in…
MANAGERIAL ECONOMICS Managerial Economics refers to that branch of economic which is related with the application of various laws, theories and methods of economic to the business decision-making by the business manager. DEFINITIONS OF MANAGERIAL ECONOMICS ACCORDING TO JOEL DEAN “The purpose of Managerial Economic is to show how economic analysis can be used in…
PRICE ELASTICITY OF DEMAND Price Elasticity of demand is the rate at which quantity purchased changes with the change in price. It is the ratio of percentage change in quantity demanded to percentage change in the price of the commodity, other factors remaining the same. There are three methods for measurement of Price Elasticity of…
