01: Managers and Economics

Manager

is an individual who strategically directs resources such as people, time, money, and equipment to achieve specific organizational goals. Their role involves overseeing operations, making decisions, and ensuring that objectives are met efficiently and effectively.

Key Responsibilities of a Manager (4):

1. Leadership and Supervision

2. Resource Allocation

3. Operational Control

4. Accountability

Leadership and Supervision

Guiding, motivating, and supervising employees to foster productivity and teamwork.

Resource Allocation

Managing both human and non-human resources (e.g. machines, budgets, materials) to optimize performance.

Operational Control

Administering processes, departments, or entire organizations to ensure smooth and goal-oriented functioning.

Accountability

Being responsible not only for their own tasks but also for the outcomes of those under their supervision.

Economics

is a social science that examines how individuals, businesses, and societies make choices about the production

Managerial Economics

is the study of how to allocate limited resources efficiently to achieve specific managerial objectives. It is a broad and versatile discipline that provides strategic frameworks for decision-making across various contexts; from optimizing a household’s resources to enhance family well-being, to directing a firm’s assets to maximize profitability.

Macroeconomics

A branch of economics that examines the overall performance and structure of an economy. It focuses on aggregate indicators such as national income, inflation, unemployment, and economic growth by analyzing the collective behavior of sectors and markets.

Microeconomics

A branch of economics that studies the decision-making processes of individual consumers, firms, and industries. It explores how these entities interact in markets to produce, purchase, and distribute goods and services, emphasizing supply and demand, pricing, and resource allocation.