Principles of Management & Managerial Economics (HSMC-CS301):

  1. Primary functions of management: Planning, organizing, leading, and controlling resources to achieve organizational goals.

  2. Managerial economics: A field that applies economic theory to business management, aiding in decision-making and resource optimization.

  3. Opportunity cost: The value of the next best alternative forgone when a decision is made; crucial in assessing trade-offs.

  4. Demand forecasting: Predicting future product demand to help managers make informed decisions on production, inventory, and staffing.

  5. Law of Diminishing Returns: As additional units of a variable input are added to a fixed input, the added output eventually decreases.

  6. SWOT analysis: A tool to assess Strengths, Weaknesses, Opportunities, and Threats, used for strategic planning and decision-making.

  7. Fixed vs. variable costs: Fixed costs remain constant regardless of output, while variable costs fluctuate with production levels.

  8. Market equilibrium: The point where demand equals supply; it determines the stable price and quantity in a market.

  9. Elasticity of demand: Measures how much the quantity demanded of a good changes in response to a price change; types include price, income, and cross elasticity.

  10. Types of leadership styles: Includes autocratic (directive), democratic (participative), laissez-faire (hands-off), and transformational leadership.

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