Managerial Economics – Museum, State U and Private Hospital
With regard to a hospital, a state university, and a museum, define (a) a possible primary aim, or goal, of each, (b) some of the constraints under which they operate, and (c) the relationship of (a) and (b) to the study of managerial economics.
Name of Firm Primary Goals Possible Constraints We, the San Pedro Hospital community of health workers commit to: Provide the best quality and compassionate health care services in satisfying all individuals with respect and reverence of their person; Deliver quality satisfying services expected of a training health care institution; and Financial constraints Ђ Hospital building capacity Availability of hospital devices to perform various tests. Ђ Availability of medicine for diagnosed illnesses Availability of doctors and medical specialist San Pedro Hospital Witness as a community the mercy and compassion of a loving God in the performance of individual and communal responsibility.
As a premiere Regional Center, the DNS shall: Vigorously pursue quality and relevant undergraduate programs equitably accessible to its clientele; Be an institution where workers/professionals in industry, teaching and other professions seek advanced studies to upgrade their impenitence; Be an institution where appropriate technologies are continuously generated, modified/ improved and utilized by the industry and the people; and
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This indicates that economics includes any business, nonprofit organization, or administrative unit Second, The study of choice related to the allocation of scarce resources. This establishes that economics is at the core of what managers of these organizations do. Managerial economics, which is a subfield of economics places special emphasis on the choice aspect in the second definition. The purpose of managerial economics is to provide economic terminology and reasoning for the improvement of managerial decisions.
Resources (physical capital, labor etc. ) are very vital in the existence of every organization. It helps the organization accomplish its objectives. But in reality, resources are considered scarce and managers are faced with the challenge on how to allocate them on various activities of the firm to achieve its goals and objectives. Managerial economics helps managers decide on the allocation of scarce resources to achieve the firm’s objectives and goals. There are wow conceptual approaches in the study of economics: microeconomics and macroeconomics.
Microeconomics studies phenomena related to goods and services from the perspective of individual decision-making entities?that is, households and businesses. Macroeconomics approaches the same phenomena at an aggregate level, for example, the total consumption and production of a region. Microeconomics and macroeconomics each have their merits. Since the purpose of managerial economics is to apply economics for the improvement of managerial decisions in an organization, most of the subject material in managerial economics has a agronomic focus.
However, since managers must consider the state of their environment in making decisions and the environment includes the overall economy, an understanding of how to interpret and forecast macroeconomic measures is useful in making managerial decisions. San Pedro Hospital In order for the hospital to provide the best quality and compassionate health care services it must wisely allocate their resources which are primarily subject to financial constraints. The demand and supply for healthcare services has to be studied to determine whether the hospital’s facilities are enough to accommodate he needs of its clientele.
The choice to expand hospital building, acquire hospital equipment and hire medical specialist needs managerial economics to ensure that decisions made increases the hospital’s potential to achieve its objectives. Dave del Norte State College As a government-owned institution, the school’s constraint is the limited budget allocation from the government. The school has to consider the demand and supply of educational services in deciding what undergraduate programs must be offered. Furthermore, there should be a study on the environment where the school operates ND consider factors which may affect the outcome of its decisions (I. . The implementation of K to 12 learning system). The effective deployment of school’s resources into different activities undertaken must be aligned with the achievement of its objectives. Muses Debatable A major resource constraint of the museum is the limited budget allocation from the government. Factors which may influence the demand for museum services (including price) and number of museums in the locality must be considered in hiring tour guides and curators. These managerial decisions must be consistent with the achievement of the museum’s objectives