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Managerial Economics For Dummies by Robert J. Graham

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Chapter 1

Managerial Economics: Taking Care of Business

In This Chapter

arrow Placing managerial economics in a broader context

arrow Understanding business management

arrow Recognizing opportunity cost

arrow Developing goals while recognizing constraints

arrow Knowing the competition

arrow Determining the time value of money

American humorist Frank McKinney Hubbard said, “Lots of folks confuse bad management with destiny.” Managerial economics ensures a destiny that includes success for your business. And success has to be earned given that businesses compete for scarce resources.

The basic economic problem — scarcity of resources versus virtually unlimited human wants and desires — requires all societies to determine how to allocate scarce resources among competing uses. However, different methods are used to determine this resource allocation with the most common methods involving markets, government, or some combination ...

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