ECON1004 managerial economics is a stream that deals with an organization’s internal issues such as cost control management. Moreover, it is a stream of management studies that emphasizes on solving business problems and decision-making. This is through the use of theories and principles of macroeconomics and microeconomics. Additionally, economics is an essential part of a business. Managerial economics requires logical thinking and creative skills for problem-solving or decision making. Also, managerial economics is a branch of microeconomics that deals with the problems of a particular organization instead of the whole economy. Contrarily, macroeconomics deals with the external environment of a business. It serves the market which is part of the economy as a whole.
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THE TYPES OF ECON10004 MANAGERIAL ECONOMICS
Primarily, there are three types of ECON10004 managerial economics. These are liberal, normative, and radical managerialism. Organizations use liberal managerialism in places where people are liberal in making decisions and choices. It functions according to the market trend and the customer’s demands. Contrastingly, normative managerialism approaches decisions according to real-life experiences and practices. Additionally, it has a practical approach to demand analysis, forecasting, cost control management, and product design. In radical managerialism, managers should have a revolutionary attitude toward solving business problems. Moreover, they should make decisions that change the present condition or situation.
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THE BENEFITS OF COST CONTROL MANAGEMENT
Cost control management is a formal systematic review of operations and resources with goals of reducing costs at every level. Additionally, it helps to lower expenses. Consequently, it helps in solving business problems involving capital. It also helps to gain operational efficiency. This is by ensuring that activities are running smoothly and are staying within the budget. Also, it involves ECON10004 managerial economics to ensure procurement efficiency in the activities of a business.
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