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Economics Report

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1. Explain the statement that economics is a set of tools (in an analytical toolkit).
Economics really is a set of tools for the managers. Economic theories and concepts pave the
way for manager’s decision making. Theories in economics are made to throw light on
various phenomena. They aim to understand the relationship between two or more than two
variables. When establishing such theories various tools are employed by experts in this
domain. These tools of economic analysis are embedded in the world of Mathematics.
Mathematics is the key to present day economic analysis. The use of techniques of Geometry
is gaining widespread importance in the pictorial display of economic ups and downs. Charts
and Graphs have a visual appeal and aid in grasping and assimilating economics with ease.
Having said that, the basic tools of economic analysis are Variables, Ceteris Paribus,
Functions, Equations, Identities, Graphs and Diagrams, Lines and Curves, Slopes, Limits and
Derivatives, Time Series etc. Graphs and diagrams - A graph depicts the relationship between
two or more than two sets of data or variables that are in relationship with each other. A
Graph, therefore, shows the real time relationship amongst two or more than two economic
variables. An identity throws lights on an equilibrium state. A definitional identity states that
two different alternative expressions have precisely the same meaning.
A function describes the relationship amongst two or more economic variables. It is a
technical term which is used for analysis and signifies a relationship between variables. It is
called a function. As an economic analysis tool, it shows how the value of dependent variable
changes upon a change in the value of independent variable. It also throws light on how the
value of one variable can be predicted by specifying the value of another variable. Equations
are employed for calculation of the value of an unknown variable. It shows the relationship
between the dependent and independent variables.
2. Explain Xenophon's view on what constitutes a good manager and how the manager's
objective is accomplished. What motivated Xenophon's leader?
As per Xenophon’s view, a good manager has the following qualities and accomplishes his
mission by the following strategies:
Motivates his/her followers by their self-interest.
Doesn’t promise what the manager cannot deliver
Doesn’t make divisions amongst his/her leaders and their teams
Leads from the front end and not the back
Shares the fruits of success generously amongst others in the team
By having the above mentioned attributes and following the above mentioned strategies, the
good manager accomplishes his/her objectives. Xenophon’s leader was motivated by
honoring of those who obeyed and dishonoring of those who did not obey.

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1. Explain the statement that economics is a set of tools (in an analytical toolkit). Economics really is a set of tools for the managers. Economic theories and concepts pave the way for manager’s decision making. Theories in economics are made to throw light on various phenomena. They aim to understand the relationship between two or more than two variables. When establishing such theories various tools are employed by experts in this domain. These tools of economic analysis are embedded in the world of Mathematics. Mathematics is the key to present day economic analysis. The use of techniq ...
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