Managerial Economics
Managerial
economics is the applied part of microeconomics that focuses on the topics that
are of greatest interest and importance to managers like the demand,
production, cost, pricing, market structure, and government regulation. Management
as a wheel with the manager as a hub.
Manager
is that person who carries the orders of management, provides the organization
with leadership and who acts as a catalyst for change. Good managers are most
effective in an environment that permits creative change.
Characteristics
of Good Manager
- Knowledge
- Decision making power
- Self – reliance
- Self-assertion
- Regard for other and social sensitivity
- Emotional stability
Characteristics
of a Good Management Policy
- Objectivity: Should be related to the objective of the firm
- Easily understandable: Should be stated in understandable words
- Yardsticks for action: Must provide yard stick for future actions
- Changeability: It should be reasonable and capable of being accomplished.
Commerce
Commerce is the another major component of agribusiness.
It includes all those activities which are necessary to bring goods and
services from the place of their production to the place of their consumption.
Thus, sit includes the buying and selling of goods and service and all those
activities which facilitate trade such as storing, grading, packaging,
financing, insurance and transportation. In simple words, commerce includes
trade and aid to trade. The principal function of trade (commerce) are to
remove the hindrance of person, place, time exchange, knowledge etc. and ensure
a free and smooth flow of goods from the producers to the consumers.
Trade in fact is a branch of commerce itself. In a way,
it is the final state of business activity involving sale and purchase of
commodities or goods. It does not include and to trade like transportation,
insurance, banking, finance etc. On the basis of its coverage and volume, trade
is normally classified into the following types :
On the basis of volume :
(i) Wholesale trade
(ii) Retail trade
On the basis of
coverage :
(i) Regional trade
(ii) National trade
No comments:
Post a Comment