Managment

worry Science I Prof. M.Thenmozhi MANAGEMENT CONCEPTS Dr.M. Thenmozhi Professor Department of Management Studies Indian show of Technology Madras Chennai 600 036 E-mail: mtm@iitm.ac.in Indian Institute of Technology Madras Management Science I Prof. M.Thenmozhi A economic systems partake the problem that forgiving needinesss are unlimited while the resources with which to come across them are limited you confront this problem every solar day and cope with it by assigning priorities to your destinys and spending your limited income accordingly. In our economic system, business firms try to anticipate what their target customers want and produce goods and services that they hope will accomplish these wants. trading race can profit if they produce things consumer want, but they produce the risk of losing their investment if they produce things that consumers do not want. A different situation exists in some other types of economic systems. Although these economic systems must also cope with unlimited human wants and limited productive resources, They allow individual consumers and business people very little voice in coping with the economic problem Because there are not enough resources to satisfy our unlimited wants we must choose what will and what will not be produced. These choices determine how resources will be used.

Under our economic system, independent decisions made by consumers and producers guided by the scathe system determine how resources are allocated. The business firm is the prefatorial building block for the production of goods and services in our system. Indian Institute of Technology Madras Management Science I Prof. M.Thenmozhi Most economic activity is channeled through business firms, which gather and organize re- sources for production. They do so in the hope of making a profit. In other words, businesses seek to make a profit in our market economy by supplying products that their present and potential... If you want to get a full essay, order it on our website: Orderessay

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