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Invention of MICROSCOPE (c.1590) (Hans and Sacharias Jensen combine lenses in the first Compound microscope)

The earliest microscope was no more than a single small lens that magnified between 6 and 10 times. Sacharias Jensen and his father, Hans, a lens maker, experimented with combinations of lenses and realized that greater magnification could be obtained by an inversion of the telecope. Their compound microscope combined a magnifying objective lens (the one closest to the object being investigated) with an eye lens at the opposite end of a tube. A focusing device was added by the Italian Gallileo Galilei.

Dennard combines a transistor with a capacitor in a revolutionary memory cell. RAM, a random Access Memory, the short-term, high-speed ‘working’ memory of a computer, has existed since the invention of magnetic core memory in 1949. Modern RAM, though, owes its invention to Texan Robert Dennard (b. 1932).

Invention of PRESSURE COOKER (1679) (Papin’s “Steam Digester” prefigures the modern cooking vessel)

There is a story that when French scientist and inventor Deins Papin (1647-1712) first demonstrated his wonderfully named ‘digester’ to London’s Royal Society in 1679, the device exploded. So another invention swiftly came into being: “Papin’s Safety Valve”, which went on to have other applications.

Invention of POWDERED MILK (1802) Krichevsky invents a versatile food substitute

Russian doctor Osip Krichevsky first produced powdered milk in 1802. It is made by drying or dehydrating milk until it forms a fine white powder. This can be achieved either by spraying a fine mist of milk into a heated chamber or by adding the milk in a thin layer to a heated surface, from which the dried milk solids can be scraped off. Freeze-drying is now used because it conserves more nutrition and the milk cane be fortified to improve its nutritional value. The resulting powder can then be stored for a long periods, because the dry environment means it is less prone to bacterial contamination that would spoil fresh milk.

Not everyone has their own award named after them. The Oskar Barnack award, given annually to photo journalists, was initiated in 1979 to mark the hundredth anniversary of the birth of the man who invented the 35-mm still camera. Barnack (1879-1936) had the idea for it back in 1905, but it was not until 1913-1914, while he was working as head of development at the German Camera company Leitz, in Wetzlar, Hesse, that he was able to transform his idea into reality.

The Microwave oven is an invention that arrived almost entirely by accident. Its inventor, Percy Spencer (1894-1970) was an electronics whizz working on designing radar equipment. He paused next to a ‘magnetron’, one of the power components of the machinery and was amazed to discover that the chocolate bar in his pocket has melted.

The first manned helicopter flight was achieved by the Frenchman paul Cornu who lifted his twin-rotor craft off the ground for twenty seconds in 1907, his machine unfortunately broke up on landing. In1909 Igor Sikorsky (1889-1972) build two helecopters but these could lift very little more than their own weight. The first practical helicopter was the German Focke-Wulf FW61, which flew in 1936. By 1939 the British had built the two-seater Weir W.6, which was powered by a pair of rotors mounted independently, one of each side of the fuselage. The Weir W6’s prototype was the first helicopter in the world to carry three occupants.

The accidental fermentation of a mixture of water and fruit in sunlight is thought to have led to the first discovery of an alcoholic drink by a prehistoric people. Evidence of intentionally fermented beverages exists in the form of stone age beer jugs dated as early as the Neolithic period (10000B.C.E). Other jugs have been excavated in Southwest Asia and North Africa.

The refrigerator is one of the key inventors of the twentieth century. Its use in food storage is vital, slowing the development of bacteria and keeping food edible for much much longer. Before its invention, the only source of cold was blocks of ice, which could be bought in some placed and used with cool-box. Most homes had no means of chilling food.

Announced in January 2007 and eagerly awaited, the Apple iPhone could play music, take photographs, browse the internet, send e-mail, play movies and store upto 8gigabytes of information. It also had Wi-Fi capabilities, a calculator, calendar and notepad and operated via a nifty touch screen mechanism and it could make a telephone call.

Before Bras came along, corsets were the garments of choice for women to provide support and create a shapely silhouette of their figures. However, the whalebone reinforcement in corsets made them an uncomfortable and restricting item to wear. When Frenchwoman Herminie Cadolle 91845-1926) cut the corset in half in 1889, she created the very first bra.

In 1970, when Joel was working as an electrical engineer as Bell Labs, in Murray Hill, New Jersey, Amos Joel (b.1918) came up with an idea that worked so well that many of us use it today without noticing that anything has happened at all. Joel had invented the idea of the cellular mobile phone.

The first wrist-worn timepiece to tell the time digitally was the Hamilton Watch Company’s “Pulsar”. This 18-carat-gold cased device used a red LED display to tell the user what time it was in clean, crisp, twentieth century digits at the push of a simple button and retailed for a cool $2100. Teething problems meant the Pulsar did not become commercially available until 1972, but when it was released, it caused many to think that the end had come for conventional dial face watches with mechanical movements. Hamilton claimed that their inspiration for developing a digital watch was the futuristic digital clock that they had created for the 1968 film 2001:A space Odyssey.

Fire is an essential tool, control which helped to start the human race on its path to civilization. The original source of fire was probably lightning and for generation blazes ignited in this manner remained the only source of fire.

Schools and colleges often lag behind in providing their students with the right amount of professional exposure. Their environments are restricted to regular classroom practices and interactions between learners and teachers. The fact that students need to be prepared and their skills need to be polished to be a part of the workforce in future, is ignored. It needs to be realized that restricting students to their textbooks and interactions with fellow students and teachers in the class cannot make them aware of the professional world and its rituals for which they need to be prepared.

Retailers can avoid losses caused by poor in-store planning by using integrated data collected via a retail ERP system. An article on the Retail Information System News website features a recent report describing in-store merchandising as the biggest area with inefficiencies and profit losses. For many tier-one retailers, poor merchandise planning comes at a cost of at least $40 million in annual sales, the research found. Also, about 37 percent of retailers reported that they lost up to 3 percent of annual sales because of “inaccurate in-store merchandising efforts,” such as promotions or special sales events.

Under increasing pressure to do more with less, retailers can benefit from an integrated retail management solution. Such a system can provide information to help with decisions regarding inventory management, floor sales and overall workflow.

A retail management system must make sense of more than just dollars. It must also be able to understand other emerging forms of payment, such as mobile apps, mobile scans and those ever-popular gift cards.

Strap yourself in, it’s going to be a wild ride. In considering the changes we’ve seen in technology over the past year, I’m bracing myself for unprecedented growth when it comes to anytime, anywhere, on-demand information and entertainment.

INNOVATION: IT'S NOT THE IDEA, IT'S WHAT YOU DO WITH IT

Just to clarify, we’re talking about groundbreaking innovations here — things that cannibalize existing markets, things that disrupt the old models, and services that challenge the embedded ways of thinking and working. (Think Uber, Tesla, iPad.) We’re not talking about an incrementally better version or a brand extension or a new fruit flavor. Those incremental improvements and extensions are expected; they are built into the slow, organic growth line projections.

HOW A RECORDS MANAGEMENT COMPANY CAN STREAMLINE YOUR BUSINESS

The average file room holds thousands of documents, and many of them contain confidential information about a business and its customers. When it comes time to find these files, employees can waste countless hours trying to locate lost documents in a disorganized system. This decreases productivity and increases the cost of doing business. Companies need a more effective way to quickly and easily organize, store, and find files.

Records Management Tips For Financial Institutions

Financial institutions have a unique set of challenges when it comes to managing customer data. In addition to organizational requirements, records for account holders are subject to a broad range of complex state, local, and federal regulations that govern their use. With the addition of privacy legislations, storage constraints, and costly litigation, financial institutions have a lot at stake. It's imperative that they implement a comprehensive financial records management solution to protect their interests and prevent a customer data breach.

FUEL MANAGEMENT FROM A FINANCE PERSPECTIVE

I recently joined fuel management group and I'm very excited about the opportunity to work directly with clients and prospects with their fleet fuel management programs. For the past 25 years, I've always been a finance guy in the back-office and enjoyed working with data. My career also included a number of years in the mobile fleet fueling industry. It was a great experience for me because there was plenty of data to look at; gallons, cents, miles, hours, etc. I prepared all kinds of analyze to help run the business and also helped clients understand what they were paying for fuel and where it was being used.

This isn't a car blog though, so I can't give tips on engine specs, performance, parts etc. The best I can give are cost and maintenance tips. And I'm not experienced enough to give advice on buying second-hand cars either, so this post is mostly about buying a new, first-hand car.

EFFECTIVE PERSONAL FINANCE MANAGEMENT TIPS FOR TEENS - BEING FISCALLY RESPONSIBLE

Most college students go through a lot of undue financial hardships due to being poor money managers. While they’re wondering about the fact that they’ll get the opportunity to taste freedom, they fail to understand that not being able to manage their money will do nothing but lead to a mess. Each year there are too many students graduating from college but are they all aware of the ways in which they should deal with their finances?

If you are a Star Trek fan, you will know that it’s a franchise borne from Gene Roddenberry’s 1960s vision of an utopian society. It was based on a coherent set of idealistic principles the background to which; were the emerging political tensions within American Society during a phase of economic expansion, the Cold war and the Civil Rights movement. It encapsulates a progressive and optimistic take on the future that had great faith in technology.

Everyone in this world wants to be happy. Happiness can mean different things to different individuals, and not all can find happiness in the same thing. People spend their lives looking for reasons to be happy, but they forget that it’s something they cannot buy or find by looking. Facing life with a smile in the midst of problems is a tough task, but that is the secret of all those successful happy people we sometimes cross paths with.

FIVE ESSENTIAL ELEMENTS FOR SUCCESSFUL SOFTWARE DEVELOPMENT

Modern computer languages with their high-level constructs have come a long way since the early days of assembler programming. And with more and more people taking computer classes at school, programming skills are now more widespread than ever before, allowing even relative novices to produce professional-looking applications. But to truly join the ranks of the professional coder, several elements need to be put in place.

10 MORE QUOTES THAT MAKE YOU A BETTER PROJECT MANAGER

The Cambridge Dictionaries defines a quote as, "to repeat the words that someone else has said or written". Most people are quoted because they have something insightful to say, something that helps us, and provides us with a better understanding of a particular subject. Over the years a body of useful quotes has been building up from management gurus that can help us become better project managers. Here are 10 such quotes worthy of some thought:

Research among project managers globally identifies top communication skills for leading teams.

Leading people - the experiential side of project management - is as important as task-based skills according to project managers in Europe, the Middle East, India, America and Australasia.

Managing your finances is not a complex subject and does not require you to be a financial wizard. However, the earlier you take your lessons on financial management, the better it is for your financial future. Here we will re-impress upon you the importance of few financial tips, which you probably might have heard several times from your folks. Evaluate the need of implementing these tips in your life and be consistent in your efforts to reach your financial goals.

Materials Management can be defined as the process which ‘deals with the campus planning and building design for the movement of materials, or with logistics that deal with the tangible components of a supply chain’. The main goal is to provide an unbroken chain of components that ensure production to manufacture of goods on time for the customers. In simpler language, we can say that this branch designs and plans for collection, storage, distribution and delivery of raw materials and services. MBA in Material management is mostly needed during building design project. The term ‘material’ refers to office supplies, mail, food, building products, raw materials, wastes as well as services.

Yesterday I composed an article entitled “5 Stress Reduction Strategies for Teachers.” It was written with the specific intent of helping teachers who may be feeling overwhelmed by the job, and looking for strategies to address their stress. That being said, I was somewhat surprised when I received comments and emails which questioned what teachers had to be stressed about in the first place? I always welcome the feedback from people on my blog posts as the blog is designed with the objective of being a learning tool for all. Therefore, I was not insulted by the comments…far from it. Instead, they reinforced one of my missions for writing this blog, namely, educating the public in general as to what teachers actually do, and why they need and deserve public support and respect. This in turn helps this entire generation of students as they will be provided with a top level education by a satisfied and respected teaching force. One of the methods used in achieving this mission is to clearly outline the many challenges which teachers face on a daily basis and work diligently to overcome. I have composed some (not all by any means), of the main challenges teachers face in their job on a daily basis.

4 GROWING TRENDS IN EDUCATION FOR 2013-2014

Education is like any other industry in many respects as it is subject to emerging and growing trends. In fact, education is basically designed to respond to the continuously changing needs of a developing society. That is the whole premise of education in the first place…as society changes so does education. So it is of great interest for me to look at what the new and growing trends are in the field. Basically, I have determined and created a list of the top 4 growing trends I see in education for 2013-2014. This list, while not scientific, has been created by compiling what I see in my daily front-line work on the job. Also, my “second job” as a blogger gives me a unique perspective and lets me become immersed in the world of education through blogs, journal research, social media and forum participation. Through this work I have been able to determine some definite educational trends which are happening now, and will surely continue well into 2014 and beyond.

One of the most prevalent themes which has emerged in education throughout this era is that of engagement. It is widely recognized that if we want our students to maximize their learning, then we need to effectively engage them in the process. This in turn creates meaningful, exciting and intense learning experiences. All that being said, there is another component to engagement which also has a dramatic impact on learning, and is not discussed nearly as much. I would contend that teacher engagement is likewise critically important to student learning and success. In fact, studies have shown over and over again that conditions which allow teachers to be engaged and teach at their best, are also the same factors which encouraged students to learn at their best.

The education of children must be a very important part in your life that is important to be in institutions that provide them a quality education.

Today’s society is increasingly connected 24 hours a day. From smartphones and tablets to computers, it is how a growing number of people want to view information, communicate, purchase and conduct routine daily tasks that previously were done manually.

Business-Software.com has just revealed a new list of the top Warehouse Management Software Vendors. Companies in all industry sectors today are under an extraordinary amount of pressure to keep their supply chains running smoothly. Moreover, there is an increasing need for a rapid turnover of goods in warehouses and distribution centers. An efficient way to assure organization and keeping a supply chain company successful is having an optimized warehouse management system (WMS).

You don’t have to be a fortune 500 (or even a fortune 500,000) company to take advantage of these tips for good business practice. In fact, some of the best small businesses have evolved and succeeded by implementing some of these principles.

IMPROVE YOUR SUPPLY CHAIN WITH WAREHOUSE MANAGEMENT SYSTEM

Improve your supply chain with a warehouse management that moves products within and outside of a warehouse or storage facility efficiently. Warehouse management makes it possible to process the receipt, storage, and movement of products within storage environments where pallets of goods are stored among warehouse trolleys.

EXECUTIVE MANAGEMENT PROGRAMS AND PART TIME MANAGEMENT PROGRAMS

Look before you Leap

The trend of business schools offering executive management programs and part time MBAs has accelerated over the years. In recent times, it is the case that many premier business schools around the world are offering executive management programs and part time management programs or evening MBAs for those in their careers who desire a management degree to add value to their resumes and profiles. As the incidence of working professionals needing MBA certification for perceived career progression has grown, so is the supply of such programs from premier business schools around the world. The operative term here is the perceived value, as often recruiters prefer graduates from full time management programs to evening or part time programs.

One of the great challenges for many first time homebuyers is having enough money for a down payment. With a bit of creativity and planning, it can be fun to save money to use as a down payment on a home. At the height of the Phoenix housing boom, it was possible for homebuyers to find mortgages that require no down payment. While there are some mortgage programs that do not require a down payment, such as VA loans, most homebuyers need to plan to put down a minimum of 3.5 percent of the purchase price of the home. Additionally, most homebuyers need to pay closing costs, which are about 3 percent of the purchase price. Even though the amount of money you need to have on hand to buy might seem overwhelming, you can save money to buy a home and have some fun doing it.

This article originally appeared in the New America Foundation’s Weekly Wonk. Future Tense is a partnership of Slate, New America, and Arizona State University. Time zones away from the quads of Cambridge, Mass., and Palo Alto, Calif., there’s a curious educational evolution happening. Though the modern massive open online course movement (MOOCs) originated in North America, two-thirds of their users live abroad—in places like Rwanda, China, and Brazil.

I am writing a rather short post today in response to some readers requests. I have actually had a lot of requests lately, but there seem to be two in particular which are dominating. Namely, classroom management and helping the struggling student. I want to focus specifically in this post upon strategies which will help children follow classroom directions.

This first pass at a "Student Bill of Rights" was inspired by: 1) "A Bill of Rights and Principles for Learning in the Digital Age" that Audrey Watters and I were able to discuss at length in a podcast, and that I felt was unimaginative and particularly reflected an institutional perspective; 2) my interviews at FutureofEducation.com (especially with the authors of Leaving to Learn and Free to Learn); and 3) the EducationDeclarations.org project.

FIVE LINKEDIN STRATEGIES YOU HAVEN'T THOUGHT OF BEFORE

Last week a client asked if I could stay for a bit after our weekly meeting so he could thank me, not for a PR project, but to show me how he’d used a tactic I’d shown him on LinkedIn to put himself well on the track of securing a much more aggressive marketing budget next year. Wow!

Autumn de Wilde, a noted photographer in the fashion and music worlds, doesn’t look at cars the way most people do, which is one of the reasons why Cadillac asked her to document the design process of the all-new Escalade. “I’m obsessed with reflection,” de Wilde says during a one-on-one interview following the world debut of the 2015 Cadillac Escalade in New York. “I always have been.”

Acura TL

As with all of the vehicles in our top 10 list of most-reliable used cars, the model-year 2008 and 2009 versions of the midsize Acura TL luxury sedan received top grades for long-term durability from both Consumer Reports and J.D. Power and Associates owner surveys and high marks in initial quality and performance testing. The TL combines elements of comfort and performance with a sporty demeanor. The 2008 version can be found with either a 258-horsepower 3.2-liter V6 or a stronger 286-horsepower 3.5-liter V6. The TL was redesigned for 2009 and featured a 280-horsepower 3.5-liter V6 as the base engine, with a 306-horsepower 3.7-liter V6 in the SH-AWD all-wheel drive model. The TL remains attractively styled inside and out (though the pronounced front nose design on the 2009 – pictured here – is a matter of taste) and affords ample comfort for both front and rear-seat passengers, with stability control and many amenities included.

SENIOR SECONDARY MATHEMATICS EDUCATION IN CHINA

Chinese applications and enrollments at American universities and colleges have been skyrocketing over the last five years, and especially so at the undergraduate level. According to the Institute of International Education’s (IIE) latest Open Doors report, total undergraduate enrollment of Chinese students surged to 56,976 in 2010-2011 – growth of 42 percent versus the previous academic year. Furthermore, 41.3 percent of all Chinese students enrolled in the U.S. higher education system are majoring in a science, technology, engineering or mathematics field (STEM). All indications suggest that U.S. institutions of higher education can expect continued strength in applications from China, and especially so at the undergraduate level and in the STEM fields.

HOW TO GROW INTERNATIONAL UNDERGRADUATE STUDENT NUMBERS

The global student mobility landscape is in constant flux and is often influenced by external factors beyond the control of higher education institutions. Consider how a combination of changes in the external environment, including demographics and economic growth, has influenced the patterns of the top senders of international students to the United States.

THREE HIGHER EDUCATION TRENDS TO WATCH FOR IN 2014

International higher education by its very nature sits at an intersection of socio-cultural, economic and geopolitical variables. Over the years, we have seen the complex interaction of the factors that influence patterns of student mobility, institutional strategies and national policies. What key trends can we expect for 2014 that will prove influential in international higher education? Here is my take on three trends to watch for this year related to university funding, regulatory environment and technology.

THE FUTURE OF INTERNATIONAL DOCTORAL MOBILITY

In ”The Disposable Academic”, The Economist argued that "doing a PhD” was often a waste of time. However, this pessimism does not reflect the experience of all students, as evidenced by increasing numbers of doctoral students from the global South heading to the advanced economies of the North in the past 20 years. Many source countries for doctoral students are still experiencing the growing pains of economic development and qualitative maturity; their higher education systems are not immune to these challenges.

INTERNATIONAL STUDENT RECRUITMENT VIA INFORMED CHOICE

Higher education institutions are increasingly expected to make tough, strategic choices to achieve their internationalisation goals in a cost-effective manner. For example, in the field of international student recruitment, institutions are often confronted with questions like: which countries and cities should we prioritise in terms of our recruitment efforts? Which segment of students should we recruit? Which recruitment channels should we use?

HOW TO ENGAGE FOREIGN UNIVERSITIES IN INDIA

Will foreign universities establish campuses in India? This has been one of the recurring questions over the last few years. Unfortunately, not only the question but also the corresponding answers have been far from the reality of global higher education and its fit with the needs of India.

DEVELOPMENTS IN CENTRAL ASIAN HIGHER EDUCATION

The collapse of the Soviet Union had a profound impact on the education systems of Central Asia. Drastic cuts in funding; the cessation of directives and guidance from Moscow; the repatriation of Russian administrators back to Russia; the emigration of local professors, scholars, and students to the West; and the rejection of outdated Soviet curriculums by students demanding training relevant to a modern economy drove many institutions of higher education in the region into a state of near paralysis.

AN EVALUATION OF BRITAIN’S UNIVERSITY PATHWAY PROGRAMS

A growing number of higher education institutions around the world are making use of academic preparatory programs, typically for students that lack the necessary training or language skills to meet given program entry requirements. The use of these programs has become especially prevalent in today’s world of internationalization and cross-border academic mobility.

ACADEMIC MOBILITY AND THE EDUCATION SYSTEM OF NEPAL

Nepal’s Ministry of Education and Sports was established in 1951 and oversees all aspects of education in the Kingdom of Nepal. There are other government agencies responsible for administering and supervising education at the different levels, but all report to the ministry.

Prior to 1951, schooling in Nepal was reserved primarily for elite groups and the royal family in Kathmandu and other urban areas, and served just 250 students. Political reforms in 1951 opened access to schooling and participation rates have risen exponentially since then, but still remain low relative to other countries in the region and globally.

SCOPE OF MANAGERIAL ECONOMICS

As regards the scope of managerial economics, there is no general uniform pattern. However, the following aspects may be said to be inclusive under managerial economics:

Demand analysis and forecasting.
Cost and production analysis.
Pricing decisions, policies and practices.
Profit management.
Capital management.

These aspects may also be defined as the ‘Subject-Matter of Managerial Economics’. In recent years, there is a trend towards integrations of managerial economics and operations research. Hence, techniques such as linear programming, inventory models and theory of games have also been regarded as a part of managerial economics.

DETERMINANTS OF MARKET DEMAND

The knowledge of the determinants of market demand for a product and the nature of relationship between the demand and its determinants proves very helpful in analysing and estimating demand for the product. It may be noted at the very outset that a host of factors determines the demand for a product. In general, following factors determine market demand for a good:

DEMAND ANALYSIS

Demand is one of the crucial requirements for the existence of any business firm. Firms are interested in their profit and sales, both of which depend partially upon the demand for the product. The decisions, which management makes with respect to production, advertising, cost allocation, pricing, inventory holdings, etc. call for an analysis of demand. While how much a firm can produce depends upon its capacity and demand for its products. If there is no demand for a product, its production is unworthy. If demand falls short of production, one way to balance the two is to create new demand through more and better advertisements. The more the future demand for a product, the more inventories the firm would hold. The larger the demand for a firm's product, the higher is the price it can charge.

MANAGERIAL ECONOMIST: ROLE AND RESPONSIBILITIES

A managerial economist can play a very important role by assisting the management in using the increasingly specialised skills and sophisticated techniques, required to solve the difficult problems of successful decision-making and forward planning. In business concerns, the importance of the managerial economist is therefore recognised a lot today. In advanced countries like the USA, large companies employ one or more economists. In our country too, big industrial houses have understood the need for managerial economists. Such business firms like the Tatas, DCM and Hindustan Lever employ economists. A managerial economist can contribute to decision-making in business in specific terms. In this connection, two important questions need be considered:

ECONOMIC THEORY AND MANAGERIAL ECONOMICS

Economic theory offers a variety of concepts and analytical tools that can assist the manager in the decision-making practices. Problem solving in business has, however, found that there exists a wide disparity between the economic theory of a firm and actual observed practice, thus necessitating the use of many skills and be quite useful to examine two aspects in this regard:

USES OF MANAGERIAL ECONOMICS

Managerial economics achieves several objectives. The principal objectives are as follows:

It presents those aspects of traditional economics, which are relevant for business decision-making in real life. For this purpose, it picks from economic theory those concepts, principles and techniques of analysis, which are concerned with the decision-making process. These are adapted or modified in such a way that it enables the manager to take better decisions. Thus, managerial economics attains the objective of building a suitable tool kit from traditional economics.

MANAGERIAL ECONOMICS AND ACCOUNTING

Managerial economics is also closely related to accounting, which is concerned with recording the financial operations of a business firm. In fact, a managerial economist depends chiefly on the accounting information as an important source of data required for his decision-making purpose. for instance, the profit and loss statement of a firm shows how well the firm has done and whether the information it contains can be used by managerial economist to throw significant light on the future course of action that is whether the firm should improve its productivity or close down. Therefore, accounting data require careful interpretation, reconstruction and adjustments before they can be used safely and effectively.

SCOPE OF MANAGERIAL ECONOMICS

As regards the scope of managerial economics, there is no general uniform pattern. However, the following aspects may be said to be inclusive under managerial economics:

DIFFFERENCE BETWEEN MANAGERIAL ECONOMICS AND ECONOMICS

The difference between managerial economics and economics can be understood with the help of the following points:

Managerial economics involves application of economic principles to the problems of a business firm whereas; economics deals with the study of these principles only. Economics ignores the application of economic principles to the problems of a business firm.

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