The nature of managerial economics economics essay

Use an editor to spell check essay. Managerial economics encompasses all theories and tools required for the decision making process of the business organizations and for achieving its aims and objectives most efficiently. Management is also concerned with the task of allocating scarce resources between alternate uses, keeping in view the objectives of the organization. Various concepts of economics are relevant and competent to address the issues confronting a manager.

The nature of managerial economics economics essay

Efficiently in management is due to maximum output from the least amount of input; effectively is done the work activities completely to ensure the goals are achieved. All managers have to act as a leader to attain the goals. Managers carry out functions, roles and skills.

Management functions are planning, organizing, leading and controlling as stated by Henri Fayol. However, Henry Mintzberg defined management roles into three parts which are interpersonal roles, informational roles, and decisional roles.

The nature of managerial economics economics essay

Katz states that managers need three essential skills or competencies which are technical skills, human skills, and conceptual skills.

Based on the interview, it was found that the manager actually put into practice the skill introduced by Henry Mintzberg. Description of the manager interviewed The manager interviewed Ms. Ong is thirty-five years old and has a marketing degree. She had been involved in managerial position for nine years.

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Now, she is the Corporate Affairs Manager in her current company, which is a position of middle manager. This company relates to communications technology.

It is a multinational company which operate local and internationally. Instead, she has to plan and organize events to enhance relationship with business partners and customers.

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This is to ensure the company keeps on track with the suppliers and buyers from time to time on the updated products and services. Her greatest achievement in the company is developed a new website for the group. She is maintaining the website to ensure the news is up to date.

From this sagacity, it shows the different roles have different behaviours are expected in different position. First, those who concerned with interpersonal relationships Interpersonalfollow up with those who concerned with the transfer information Informationaland those who concerned with decision making Decisional.

Firstly, interpersonal roles required to perform duties that involve people and other duties that are ceremonial and symbolic in nature Robbins et al, There are three interpersonal roles, which are figurehead role, leader role, and liaison role.

These interpersonal roles are primarily concerned with provide information. Secondly, informational roles are managerial roles that involve receiving, collecting and disseminating information Robbins et al, There are three informational roles, which are monitor role, disseminator role, and spokesperson role.

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It is primarily concerned with the information process with the information aspects of managerial works. Thirdly, Mintzberg identified decisional roles which revolve around making decisions Robbins et al, This is the unique access of using information to the organizational decision making.

There are four decisional roles, which are entrepreneur role, disturbance handler role, resource allocator role, and negotiator role. The top managers will make the decisions for the organization as a whole, while the supervisor makes decisions for his or her particular work unit. Ong is a middle level manager.

Middle managers included all levels of management between the first-line level and the top level of the organization who manage the work of first-line managers Robbins et al, Ong as a middle level manager is responsible to attain the goals set by the top management.

The first roles, which is the interpersonal roles is implemented much in the manager management roles. The manager interviewed mentioned that she uses very much interpersonal skills to ensure the ability to work with individuals and groups.

This helps the manager to communicate with first-line and top management to process the information. The manager takes the responsibility to motivate members of the organization and ensure the organization keep on track with their goals to be attained. In the liaison role, the manager interacts with media on publicity for the organization to maintain the reputation.

The leader role helps the manager to maintain relationship on developing network with the subordinates and media. This role gives the manager a unique position to collect information for her job.

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Secondly, the informational roles is the role the manager uses very much in managerial roles. In the monitor role, the manager receives and collects information. The information collected will processes and hand to the top management for decisions making. Yet, these plans need approval from the top management before it launch in the market.

Besides, the manager plays the role of spokesperson by compile corporate information for release to press or public.Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies the production, distribution, and consumption of goods and services..

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Included: economics essay business essay content.

Preview text: Managerial economics encompasses all theories and tools required for the decision making process of the business organizations and for achieving its aims and objectives most efficiently. Friedman didn’t shy away from taking alarmist stances.

If you want to get noticed in economics, you pretty much have to do so—just ask Paul Krugman. Economics Essay - Economics is an ever-changing field of study.

Within that area of interest, there are many people who have influenced the world with their individual economic point of view.

- The aggressive competitive nature of the United States economy has caused poverty for many, while creating hostile crime-driven . Management is the process of coordinating work activities so that they are completed efficiently and effectively with and through other people (Robbins, Bergman, Stagg, Coulter, ).

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Essay on the Nature and Scope of Managerial Economics