The importance of microeconomics in the modern economic system is limited because it provides a solution to individual problems only. Its scope of the study is limited and it is a part of the macroeconomic analysis From the above discussion, it is clear that microeconomics is an important branch of economic analysis. Importance of Microeconomics Following are the major … [Read more...] about 15 Importance and Limitations of Microeconomics (Explained)
Managerial Economics
11 Role and Importance of Management in Society (Explained)
Management is an indispensable element for the establishment of proper functioning and success of all organization's social, political, religious, charitable or business units. If effectively and efficiently organizes and utilizes the human and non-human resources and directs them towards the accomplishment of organizational goals. The importance of management in … [Read more...] about 11 Role and Importance of Management in Society (Explained)
Top 17 National Income Questions and Answers (FAQs)
National Income is the sum total (monetary value) of all the goods and services produced in the country in a given financial year. The national dividend is that part of the commodity including of course income derived from abroad which can be measured in money. National Income Questions and Answers Following are the top national income questions and answers or … [Read more...] about Top 17 National Income Questions and Answers (FAQs)
11 Key Difference between Formal and Informal Organization
A formal organization is one which position, responsibility authority, and accountability of each level is clearly defined. In every organization people forms into informal social groups. The term informal organization refers to those personal and social relations which arise when people associate with one another. Difference between Formal and Informal … [Read more...] about 11 Key Difference between Formal and Informal Organization
15 Key Features of Effective Management Control System
The management control system is a necessary function to make all other managerial functions effective ensures that the corporate goals are achieved effectively and efficiently. Features of Effective Management Control System Following are the features of effective management control system: 1. Multi-Dimensional In Operation The control system is multi-dimensional in … [Read more...] about 15 Key Features of Effective Management Control System
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