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MBAA 604: MANAGERIAL ACCOUNTING FOUNDATIONS

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MBAA 604: MANAGERIAL ACCOUNTING FOUNDATIONS

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MBAA 604: MANAGERIAL ACCOUNTING
FOUNDATIONS

◍ Economics. Answer: the study of how society manages its scarce
resources


◍ Scarcity. Answer: A situation in which unlimited wants exceed the
limited resources available to fulfill those wants


◍ Managerial economics. Answer: The study of how to direct scarce
resources in the way that most efficiently achieves a managerial goal.


◍ strategic behavior. Answer: self-interested behavior that takes into
account the reactions of others


◍ game theory. Answer: the study of how people behave in strategic
situations


◍ quantitative methods. Answer: methods that seek to obtain
information about the social world that is already in or can be converted
to numeric form


◍ Managers. Answer: The people responsible for supervising the use of
an organization's resources to meet its goals

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