Scribd Logo
Upload

Welcome to Scribd!

  • 35 views

    ME Comprehensive Viva

    Uploaded by

    Kirubas Karan
    This document defines key terms in managerial economics and macroeconomics. It explains concepts such as demand, supply, elasticity, production, costs, market structures, national income accounting and inflation. Some of the key terms defined include economics, managerial economics, microeconomics, macroeconomics, demand, supply, production, opportunity cost, sunk costs, economies of scale, perfect competition, monopoly, price discrimination, gross profit, net profit, GDP, GNP, national income, per capita income, inflation, deflation, and balance of payments.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    ME Comprehensive Viva

    Uploaded by

    Kirubas Karan
    35 views3 pages
    This document defines key terms in managerial economics and macroeconomics. It explains concepts such as demand, supply, elasticity, production, costs, market structures, national income accounting and inflation. Some of the key terms defined include economics, managerial economics, microeconomics, macroeconomics, demand, supply, production, opportunity cost, sunk costs, economies of scale, perfect competition, monopoly, price discrimination, gross profit, net profit, GDP, GNP, national income, per capita income, inflation, deflation, and balance of payments.

    Original Description:

    For MBA management Ethicals material

    Copyright

    © © All Rights Reserved

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document defines key terms in managerial economics and macroeconomics. It explains concepts such as demand, supply, elasticity, production, costs, market structures, national income accounting and inflation. Some of the key terms defined include economics, managerial economics, microeconomics, macroeconomics, demand, supply, production, opportunity cost, sunk costs, economies of scale, perfect competition, monopoly, price discrimination, gross profit, net profit, GDP, GNP, national income, per capita income, inflation, deflation, and balance of payments.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    35 views3 pages

    ME Comprehensive Viva

    Uploaded by

    Kirubas Karan
    This document defines key terms in managerial economics and macroeconomics. It explains concepts such as demand, supply, elasticity, production, costs, market structures, national income accounting and inflation. Some of the key terms defined include economics, managerial economics, microeconomics, macroeconomics, demand, supply, production, opportunity cost, sunk costs, economies of scale, perfect competition, monopoly, price discrimination, gross profit, net profit, GDP, GNP, national income, per capita income, inflation, deflation, and balance of payments.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    MANAGERIAL ECONOMICS

    GLOSSARY
    1. Economics
    It is a social science. It is study about the choice-making behaviour of the people.
    2. Managerial Economics
    Integration of economic theory with business practice.
    3. Micro Economics
    It studies the behaviour of the individual units and small groups of such units.
    4. Macro Economics
    It deals with the behaviour of the large aggregates in the economy.
    5. Economic Model
    It is an analytical approach used to estimate economic consequences.
    6. Demand
    The quantity of a good or services that consumers are willing and able to purchase at
    various prices
    7. Demand Schedule
    It is a table or a chart which shows the relationship between price and demand of a
    commodity
    8. Elasticity of Demand
    It denotes Measure of the rate at which demand changes in response to the change in
    prices.
    9. Supply
    The quantities of a commodity or service which a seller is willing and able to offer for
    sale at various prices during a given period of time.
    10. Elasticity of Supply
    It is a measure of the degree of responsiveness of supply to the change in price
    11. Production
    It is an economic activity, which is directed to the satisfaction of the wants of the people.
    12. ISO Quants
    It represents all those combinations of inputs, which are capable of producing the same
    level of output.
    13. Opportunity cost
    It is the loss of earnings due to lost opportunities
    14. Sunk cost
    That are not affected or altered by a change in the level or nature of business activity.
    15. Out-of-Pocket
    The items of expenditure, which involve cash payments or cash transfers-both recurring
    and non-recurring are known as out-of-pocket costs.
    16. Economies of scale
    Economies of scale are advantages that arise due to large-scale production
    17. Perfect Competition
    Market is one in which the number of buyers and sellers is very large.
    18. Monopoly
    It is a market situation in which there is only one seller of a product with barriers to entry
    of others.
    19. Price discrimination
    Charging different prices from different customers or for different units of the same
    product.
    20. Gross Profit = Total revenue-Total cost
    21. Net profit = Gross profit-Opportunity cost
    22. National Income
    It is the money value of all the final goods and services produced by a country during a
    period of one year.
    23. GDP
    It is the money value of all final goods and services produced in the domestic territory of
    a country during an accounting year.
    24. NDP=GDP-Depreciation
    25. GNP= GDP+NFIA
    26. Domestic Income= National Income-Net Income earned from abroad
    27. Per capita Income= National income/ population
    28. Inflation- value of money is falling i.e prices are rising
    29. Deflation- value of money is rising i.e prices are falling
    30. Balance of Payment- systematic record of all economic transactions between the
    residents of the reporting country and residents of foreign countries during a given period
    of time.

    You might also like