Microeconomics is the study of the economic actions of individuals and well-defined groups of individuals. The micro model is built slowly on the individuals and deals with interpersonal relations only. Micro-economics is also called price theory because under it with the equilibrium of the demand and supply curve individual price of different commodities is … [Read more...] about What are the Types of Microeconomics (With Diagram)
Managerial Economics
8 Properties of Indifference Curve with Diagram and Examples
An indifference curve is a curve on which all the combinations of two commodities give a consumer equal satisfaction. A consumer is indifferent towards different combinations located on such a curve. The scale of preferences implies that a consumer can conveniently arrange the various combinations of two or more goods available to him in order of his … [Read more...] about 8 Properties of Indifference Curve with Diagram and Examples
Is Management a Profession? Explain with Example
The managers present management as a profession, though there are divergent views. The professionalization of management is still far from complete. Management does not a present meet the requirements and is not properly classified as a profession. The nature of management has been influenced by the different concepts propounded by eminent management thinkers and … [Read more...] about Is Management a Profession? Explain with Example
Is Management an Art or Science With Examples
Generally, a controversy arises whether management is science or art. It is said that management is the oldest of arts and the youngest of science. The nature of management has been influenced by the different concepts propounded by eminent management thinkers and Experts. The concept of management is really Universal and dynamic The continuous and rapid development of … [Read more...] about Is Management an Art or Science With Examples
11 Advantages and Disadvantages of Functional Organizational Structure
When staff Specialists are incorporated into the organization and are placed upon the same (line) Authoritative level as the line executives. This type of structure is called a functional organizational structure or line and functional organization. In this type of organization, the emphasis is on managing some functions wherever the function may be performed in … [Read more...] about 11 Advantages and Disadvantages of Functional Organizational Structure