Managerial Economics can be defined as amalgamation of economic theory with business practices so as to ease decision-making and future planning by management. Managerial Economics assists the managers of a firm in a rational solution of obstacles faced in the firm’s activities. It makes use of economic theory and concepts.
There’s a reason why managerial economics is one of the most popular majors on campus. Jobs. Students with a managerial economics degree can pursue careers in banking, finance, marketing, accounting, international management consulting, environmental policy, sustainability consulting, food production and distribution, and agricultural policy.
This book presents economic concepts and principles from the perspective of “managerial economics,” which is a subfield of economics that places special emphasis on the choice aspect in the second definition. The purpose of managerial economics is to provide economic terminology and reasoning for the improvement of managerial decisions.
Spencer and Seligman have defined managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management. As the definitions explain, managerial economics is the discipline which deals with the application of economic theory to business management.
According to McNair and Merriam, “managerial economics consists of the use of economic modes of thought to analyze business situations.” Spencer and Seligman have defined managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.
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