Fundamentally, JWI515 managerial economics is an important element for effective capital management. It is a stream of management studies that emphasizes solving business problems and decision-making through the application of theories and principles of macroeconomics and microeconomics. Moreover, it is a stream that deals with the internal issues of an organization using various economic theories. Additionally, it assists managers in a rational solution to obstacles that face the activities of a firm. Also, it deals with the effective use of scarce resources and guides managers in making decisions relating to the firm’s competition, customers, and suppliers. Furthermore, it uses analytical and statistical tools to assess economic theories to solve practical problems in business.
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THE SIGNIFICANCE OF JWI515 MANAGERIAL ECONOMICS
Primarily, JWI515 managerial economics assists in formulating business plans and better decision-making in the activities of a firm. Moreover, it helps in forecasting future business activities and analyzing the demand. Additionally, it plays an important role in controlling costs. It properly analyzes and decides production activities and the costs that they bring about. Furthermore, it ensures effective utilization of resources hence reducing the overall cost. Also, managerial accounting helps in setting prices for products. It also enables effective capital management as it helps in making decisions relating to the capital of a firm.
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THE IMPORTANCE OF WORKING EFFECTIVE CAPITAL MANAGEMENT
Working effective capital management increases the liquidity and solvency position of a business. Moreover, the proper management of work capital enables the payment of short term debts and other operating expenses in time. Also, working capital ensures continuous and smooth functioning of the activities of a firm. It aims to maintain an adequate amount of funds at every point in time. Additionally, working capital management is an important element of JWI515 managerial economics that helps a firm to increase profitability. This is because it assists in managing account payables and receivables of the business. d
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