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Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. [ 2] It guides managers in making decisions relating to the company's customers, competitors, suppliers, and ...
Scientific management is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes to management. Scientific management is sometimes known as Taylorism after its pioneer ...
Peter Ferdinand Drucker ( / ˈdrʌkər /; German: [ˈdʀʊkɐ]; November 19, 1909 – November 11, 2005) was an Austrian American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of modern management theory. He was also a leader in the development of management education, and ...
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [ 1] Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards.
t. e. An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [ 1]
Business portal. Money portal. v. t. e. Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1][ 2] is a social science that studies the production, distribution, and consumption of goods and services. [ 3][ 4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Modernization theory holds that as societies become more economically modernized, wealthier and more educated, their political institutions become increasingly liberal democratic. [ 1] The "classical" theories of modernization of the 1950s and 1960s, most influentially articulated by Seymour Lipset, [ 1] drew on sociological analyses of Karl ...
Contingency theory of leadership. In the contingency theory of leadership, the success of the leader is a function of various factors in the form of subordinate, task, and/ or group variables. The following theories stress using different styles of leadership appropriate to the needs created by different organizational situations.