Dr. Said Atri, Professor of Economics at SUNY, explains that most managerial decisions involve making a choice from among ......... courses of action or options in order to achieve a certain objective.

......... is the process by which a desired outcome is achieved through the most efficient course of action.

In consumption, a consumer with a ......... amount of income purchases the mix of goods that provides him or her with the greatest level of satisfaction or utility.

Often managerial decisions have to be made subject to some ..........

For instance, a manager that is trying to cut his labor costs may be under a union ......... limiting his ability to lay off workers.

A farmer who wants to take advantage of good market conditions and increase the size of his ......... is limited by the amount of land that he has available.

Managerial decisions are not made in a .........: economic and market conditions constantly change and managers must decide in accordance with the dynamics of the business environment.

As complex as managerial problems may appear, often their various elements can be fitted into microeconomic models; that is why managerial economics is also called ".........".

The manager's internal environment is made up of those factors over which he has at least some ......... of control.

Macroeconomics is ......... to managers, as managers are often interested in knowing the state of the economy and the direction of macroeconomic measures such as interest rates and inflation.