Tag - Define

Define continuous production.

Ans. Continuous production is the specialised manufacture of identical articles on which the equipment is full engaged. Generally, this type of production is concerned with large quantities and with a high rate of demand. Here, full advantage should be taken of repetitive operations in the [...]

Define the following costs – (i) Accounting or actual cost (ii) Implicit or imputed costs. (iii) Explicit or paid-out costs

Ans. (i) Accounting or Actual Cost- Actual costs are the costs that the firm incurs while producing or acquiring a good or a service like the cost on raw material, labour, rent, interest etc. The books of account generally record this information. The actual [...]

Define the term managerial economics and discuss its scope.

Ans. Managerial economics is the economics that is applied in decision-making. Managerial economics serves as a link between abstract theory and managerial practice. It is based on economic analysis for recognizing problems, organizing information and evaluating alternatives. Economics as a science is related with the [...]

Define the term managerial economics.

Ans. However, managerial economics has been viewed differently by different scholars. Some of the popular definitions of managerial economics are given as below - (i) "In its most ordinary and common usage, managerial economics attempts to show how economics analysis can be used in formulating business policies. [...]

Define management. Explain the characteristics of management in detail.

Ans. Management is defined as the process of planning, organizing, directing and controlling to accomplish organizational objectives through the coordinated  use of human and material resources. It is the process by which human and non-human resources are coordinated to accomplish a set of objectives  [...]

Define the following qualities of manager- (i) Education (ii) Training (iii) Intelligence.

Ans. (i) Education-A manager must be well educated. Along with the general education, he must have the knowledge of business administration. he should also have the knowledge of business environment. (ii) Training- Managerial skills are need to be acquire through proper training. For a good manager, it is [...]