Managerial accounting deals with determining the actual costs of products or services. Managerial accountants calculate and allocate overhead charges to property assess the true expenses related to the production of a product. The overhead expenses may be allocated based on quantity of goods produced or other drivers related to the production, such as square foot of the facility. In conjunction with overhead costs, managerial accountants use direct costs to properly assess the cost of goods sold and inventory that may be in different stages of production.
The bulk of this tutorial will concern itself with this line of neoclassical economic theory. Other strands of so-called “heterodox” economics have sprung up to challenge the mainstream model, and other social sciences such as psychology and sociology have added valuable insight to the mechanical models of pure economics. Sometimes rejected as fringe elements, mainstream economics is today increasingly tolerant of some these ideas and even go so far as try to incorporate alternative theory into its own. Some of these will be examined briefly at the end of this tutorial.
This article is about evaluating the effectiveness of supply side economics in tackling the macroeconomic objectives. This article starts off by defining what supply side economics is and the alternatives to it. The relative merits and demerits of supply side economics as opposed to the monetarists and fiscal policy theorists are discussed. Supply side economics has been the primary driver of growth during the last two decades of the 20th century and was responsible for the high rates of growth that the US economy witnessed in these years.