WELCOME

YOU ALL
INTRODUCTION
• WHAT DO WE STUDY
ECNOMICS FOR?
• WHY IS IT PRESCIBED AS
SYLLBI?
• HOW IS RELEVANT TO
MANAGEMENT STUDIES?
DUTY OF A MANAGER
• DECISION MAKING
• POLICY FRAMING
• EXECUTING POLICY
• ORGANIZING SOURES
• ACHIEVING OBJECTIVES
• CORE GOAL- PROFIT
MAXIMIZATION
FIRST STEP OF BUSINESS

DECISION MAKING FOR WHICH MANAGER

SHOULD BE A KNOWLEDGIABLE PERSON,
ONLY THEN HE COULD TAKE RIGHT &
CORRECT DECISION IN ANY STITUATION.
KNOWLEDGE OF ECONOMICS PROVIDING
TECHNIQUES & TOOLS TO MAKE
SCIENTIFIC, SYSTEMATIC, EFFECTIVE,
EFFICIENT, VIABLE & FEASIBLE DECISION
THAT CAN ONLY ACHIEVE OBJECTIVES
WHAT IS
‘ECONOMICS’?
ROBBINS’ SCARCITY
DEFINITION
• ‘ECONOMICS IS A SCIENCE
THAT STUDIES HUMAN
BEHAVIOUR AS A
RELATIONSHIP BETWEEN ENDS
AND SCARCE MEANS WHICH
HAVE ALTERNATIVE USES.’
• GENERALLY ACCEPTED
DEFINITION
IMPLICATIONS

RELATIONSHIP

ALTERNATIVE USES SCIENCE

DEFINITION

SCARSE MEANS HUMAN BEHAVIOUR

ENDS
BASIC CONCEPTS OF
ECONOMICS &
MANAGEMENT SCIENCE
• SCARCITY
• CHOICE
• EFFICIENCY
PROBLEM & SOLUTION

• FINDING SOLUTION FOR A

PROBLEM IS DECISION MAKING
• ACHIEVING OBJECTIVE WITHIN
CONSTRAINTS IS SOLUTION
• CONSTRAINTS ARE SCARCITY
OF MEANS – SOURSES
• SOURSES ARE REAL SERVICES
OF PRODUCTIVE AGENTS
WHO ARE THE
PRODUCTIVE AGENTS?
•OWNERS OF
LAND –NATURAL RESOURSES
LABOUR –HUMAN CAPITAL
CAPITAL –SCIENCE & TECHNOLOGY
ENTERPRISES –SOPHASTICATED
MANAGEMENT
SUBSECTS OF ECONOMICS

• MICRO ECONOMICS:
• INDIVIDULISTIC APPROACH
• DEDUCTIVE METHOD

• MACRO ECONOMICS:
• AGGREGATIVE APPROACH
• INDUCTIVE METHOD
END OF I

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