Economics is a social science, which studies human behavior in relation to optimizing allocation of available resources to achieve the given ends.
The application of economic science is all pervasive. More specifically economic laws and tools of economic analysis are applied a great deal in the progress of business decision making. This has led to the emergence of a separate branch of study called Managerial Economics.
“Managerial Economics is the study of economics theories, logic and tools of economic analysis that are used in the process of business decision making. Economic theory and technique of economic analysis are applied to analyse business problems, evaluate business options and opportunities with a view to arriving at appropriate business decision. Managerial economic is thus constituted as that part of economic knowledge, logic, theories and analytical tools that are used for rational business decision making .
i got good deffination of managerial economics
i got good deffination of managerial economics
Managerial economics refers to the application of economic principles and methodologies to the decision making process within a business firm organization.
The focus of managerial economics evolves round identifying and solving the decision making problems which a manager faces in a given business environment. It lies on the borderline of management and economics. It is primarily an applied branch of knowledge.
Managerial economics refers to the application of economic principles and methodologies to the decision making process within a business firm organization.
The focus of managerial economics evolves round identifying and solving the decision making problems which a manager faces in a given business environment. It lies on the borderline of management and economics. It is primarily an applied branch of knowledge.