PRINCIPLES OF PRACTICE OF MANAGEMENT

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INTERMEDIATE MICROECONOMIC NOTES
Introduction: Meaning and purpose of microeconomic theory, Basic concepts and mode of analysis, Traditional vs modern microeconomics, The Theory Of Consumer Behaviour: Consumer Theory, The Budget Constraint, Consumer Preferences, Utility: The Utility Function, Marginal Utility and Marginal Rate of Substitution, Revealed Preference Theory, The Slutsky Equation, Production Theory, Markets: Perfect Competition, Imperfect Competition, Game Theory: Elements of Game theory, The Payoff matrix of a game, Nash Equilibrium, Secure Strategies, General Equilibrium, Market Disequilibrium, Production, Distribution of Welfare
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Business means an activity that is carried out by an individual or an organization to provide goods and services with an aim of making profit. Business studies is the study of activities that involve production, distribution and consumption of goods and services.
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