√ Understanding Management Economics and its Basic Principles (Complete)
Understanding Management Economics and Its Basic Principles (Complete) - In general understanding of management economics is the science and art of planning, organizing, directing and supervising the efforts of employees organizational members and the use of organizational resources to achieve a predetermined goal previously.
Then, management itself has the activities of leading, organizing, managing, controlling and also developing. The economic and management sectors cannot be separated. There will always be a link between economics and management.
Understanding Management Economics and Its Basic Principles (Complete)
The management sector itself can be said to be an art. Where the art of completing work through collaboration with other people. By using this art of management you can encompass the ability to communicate that vision. Aspects of leadership planning, communication and decision making regarding the human element of how to use an arts management approach.
Understanding Management Economics According to Experts
Understanding management economics basically focuses on the term management itself. Management is used as a science that can systematically understand why and how humans work together to produce something that is beneficial to humanity. The following are management terms according to experts, including:
- According to Manullang, management is an art and science of recording, supervising, organizing, compiling, directing, supervising human resources to achieve predetermined goals.
- According to John D Millet, management is the process of providing work direction to people in an organization to achieve goals.
- According to Harold Koontz And Cyrill O'Donel defines management as a way to achieve certain goals through other activities.
- According to George R. Terry management that achieves predetermined goals using the activities of other people.
- According to Henry Fayol The definition of management is a certain process consisting of planning, organizing, mobilizing human resources and multiplying control activities in order to achieve goals.
Basic principles of management economics
There are three basics of management economics, including economic theory, decision making science, and administrative science. Below we will discuss the economic understanding of management one by one based on its basic principles.
1. Economic theory
The basic principles of economic theory are used to predict and explain economic behavior. The basic principles of economic theory are useful for predicting and explaining economic behavior.
In economics, it generally starts with a model, where this model will later describe an event and identify the various factors contained in it. This economic theory is divided into two principles of economic theory, namely, microeconomics and macroeconomics.
Where microeconomics studies individual economic behavior. Meanwhile, macroeconomics aggregates through things such as output, income, investment, overall prices or total prices.
2. The science of decision making
When making a decision in management economics, tools are needed, namely economic mathematics and econometrics. These two sciences are useful for forming and estimating models of the optimal behavior of a company.
Mathematics in economics is used to form economic models which are described in economic theory or econometrics. This model uses statistical tools in real world devices to estimate models postulated by economic theory, namely for forecasting or estimation.
3. Business administration science
This knowledge is used to organize administration, which can be in the form of organizing the administration of a company or project that is being worked on. This science plays quite an important role in management economics.
Back in analyzing understanding of management economics can be said to be a combination of economic theory and practice. So that several parties who implement this economic management system can determine the decisions to be taken and make plans for the future.
For more details, see the following example. For example, business people will certainly really benefit from understanding management economics because they will be able to Anticipate and predict several things that might become obstacles in the economic movement system in a country company.
Apart from that, the economic management system can also stimulate improvement skills in the process of analyzing an economic problem being faced. So, later you can provide the right solution to the problem being faced. The main thing is, understanding of management economics is an important thing to understand in determining business policies and decisions.
So it's not just for a company or organization looking for profit or profit. With an economic management system, it can also be used and utilized by various non-profit institutions to obtain more efficient and optimal goals in determining decisions.
Determining decisions in management economics is usually the result of combining several elements involved in it, such as regarding company goals, identifying problems, implementing and developing various alternative solutions, up to implementing the decision Alone. That's all about Understanding Management Economics and Its Basic Principles (Complete), hopefully it can be useful.
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