Gross Profit and Net Profit
Gross Profit and Net Profit Profit is the difference between the total revenue and total cost of a commercial and industrial concern. In this regard it is important to note that the term total...
Author: pritamkurrey111
Schumpeter’s Innovation Profit Theory
Schumpeter’s Innovation Profit Theory Professor Schumpeter considers that profits arise from dynamic changes resulting from innovation. To begin with, he takes a capitalist closed economy in static equilibrium. A ‘circular flow’ that repeats itself...
Major theories of profit = Dynamic
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...
Meaning and Definition of Profit
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...
Basic Concepts of Managerial Economics
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...
Scope of Managerial Economics
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...
Relationship between Management Economics and Other Subjects
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...
Nature of Managerial Economics
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...
Role of managerial economics in decision making or importance of managerial economics
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...
Definition and Scope of Management Economics
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...