NATURE AND SCOPE OF MANAGERIAL ECONOMICS
QUESTIONS & ANSWERS
Q1.1 Is it appropriate to view firms primarily as economic entities?
Yes. Firms represent a combination of people, physical assets, and information (financial, technical, marketing, and so on). People directly involved include stockholders, managers, workers, suppliers, and customers. Businesses use scarce resources that would otherwise be available for other purposes, pay income and other
Words: 4074 - Pages: 17