Managerial Economics and Business Strategy Midterm 2022
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manager - -A person who directs resources to achieve a stated goal. -Economics - -The science of making decisions in the presence of scarce resources. -managerial economics - -The study of how t... o direct scarce resources in the way that most efficiently achieves a managerial goal. -economic profits - -The difference between total revenue and total opportunity cost. -opportunity cost - -The cost of the explicit and implicit resources that are forgone when a decision is made. -incentives - -Affect how resources are used and how hard workers work. -consumer-producer rivalry - -Occurs because of the competing interests of consumers and producers. -consumer-consumer rivalry - -Reduces the negotiating power of consumers in the marketplace. -producer-producer rivalry - -Functions only when multiple sellers of a product compete in the marketplace. -present value - -The amount that would have to be invested today at the prevailing interest rate to generate the given future value. [Show More]
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