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Major theories of profit = Dynamic Theory In 1900, Professor J.B. Clarke propounded the dynamic #1900 theory of profit. According to him, the difference between the price of the commodity and the cost of production is profit, but profit arises as a result of dynamic change. In the dynamic state, “five general changes keep taking … Read more
Meaning and Definition of Profit The main objective of every commercial and industrial establishment is to earn profit. Aiming at earning profit by all business activities is a measure of the success and progress of a commercial and industrial establishment. Profit is the reward for the labour of the entrepreneur. It is a form of … Read more
Basic Concepts of Managerial Economics The future is always uncertain. Management takes many decisions and prepares plans for the future with a realistic understanding. In this, management is helped by some basic concepts and techniques in taking the right decisions. These concepts are as follows- (1) Principle of Opportunity Cost- Opportunity cost means the cost … Read more
Scope of Managerial Economics The scope of managerial economics is narrower than economic theory because economics is related to both micro and macro economics whereas the scope of managerial economics is limited to micro analysis. However, it is closely related to operation research like mathematics and decision making theory. There are various functional areas of … Read more
Relationship between Management Economics and Other Subjects (i) Management Economics and Operations Research- Management Economics and Operations Research both are related to effective decision making. Both are related to the best way of achieving goals. After the Second World War, many researches were done to solve the complex problems of planning and allocation of resources. … Read more
Nature of Managerial Economics Managerial economics is closely related to business firms. It solves problems which are often faced by business firms. The objective of managerial economics is described as the application of economic principles to business management. It provides a bridge between theory and practice. The nature of managerial economics can be explained as … Read more
Role of managerial economics in decision making or importance of managerial economics Today business and society are going through a phase of economic and industrial revolution. Its first component is globalization of markets. Globalization today does not mean exporting some goods and services to other countries. At present, globalization means considering the world as a … Read more
Definition and Scope of Management Economics Managerial economics is viewed as a branch of economics which is applied to the problem of choice. It is the study of the distribution of resources available to a firm or a unit of management. This does not mean that managerial economics provides readymade or predetermined solutions to business … Read more
मानवशक्ति प्रशिक्षण एवं विकास : कर्मचारी प्रशिक्षण कर्मचारी के पास सैद्धान्तिक और प्रायोगिक ज्ञान, जिस कार्य को उसे करना है, होना ही चाहिए। सैद्धान्तिक ज्ञान को किसी शैक्षणिक संस्थान में भी पाया जा सकता है, परन्तु प्रायोगिक ज्ञान हेतु प्रशिक्षण की आवश्यकता होती है। इस तरह से प्रशिक्षण द्वारा कर्मचारी को कार्य की वास्तविक स्थितियों … Read more
आगमन व्यवहार निम्न महत्त्वपूर्ण आगमन व्यवहार हैं जो प्रायः किसी उद्योग में उपयोग किए जाते हैं- 1. आगमन निर्देशिका – इस तरह की निर्देशक पुस्तकें इस सूचना के साथ कि क्या आगमन कदम ले लिए गए हैं और क्या कदम और लिए* जाने हैं, सेविवर्गीय विभाग द्वारा तैयार की जाती हैं। इस निर्देशिका किताब में … Read more