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What is Managerial Economics?

Managerial economics is a stream of management studies that emphasizes primarily solving business problems and decision-making by applying the theories and principles of microeconomics and macroeconomics.<br>All the business assumptions, forecasting, and investments are derived from this single concept. This is managerial economics meaning in a nutshell.<br><br>Read more : https://www.cheggindia.com/career-guidance/managerial-economics-principals-types-and-scope/<br>

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What is Managerial Economics?

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  1. Managerial Economics It’s Meaning, Definition, Nature, and Types

  2. What is Managerial Economics? Managerial economics is a stream of management studies that emphasizes primarily solving business problems and decision-making by applying the theories and principles of microeconomics and macroeconomics. It is a specialized stream dealing with an organization’s internal issues by using various economic theories. Economics is an indispensable part of any business. All the business assumptions, forecasting, and investments are derived from this single concept. This is managerial economics meaning in a nutshell.

  3. Nature of managerial economics: Art and Science Management theory requires a lot of critical and logical thinking and analytical skills to make decisions or solve problems. Many economists also find it a source of research, saying it includes applying different economic concepts, methods to solve business problems. Micro Economics In managerial economics, managers typically deal with the problems relevant to a single entity rather than the economy as a whole. It is therefore considered an integral part of microeconomics. techniques and Uses Macro Economics: Multidisciplinary A corporation works in an external world, i.e. it serves the consumer, which is an important part of the economy. It uses many tools and principles that belong to different disciplines, such as accounting, finance, statistics, mathematics, research, human resources, marketing, etc. production, operational

  4. Liberal Managerialism A market is a democratic space where people make their choices and decisions in a liberal way. The organization and the managers must function according to the demand of the customers and market trends; otherwise, this can lead to business failures. Normative managerialism The concepts of Managerial Economics: The managerial economics normative view states that administrative decisions are based on experiences and practices of real life. They have a systematic method for the study of demand, forecasting, cost control, product design and promotion, recruitment, etc. Radical Managership Managers have to have a creative approach to business concerns, i.e. they have to make decisions to improve the current situation or circumstance. We concentrate more on the need and satisfaction of the consumer rather than just the maximization of income.

  5. Managerial economics is commonly used to deal with various business organizations. Both micro and macroeconomics have an equal effect on the organization and its working. The points which follow illustrate its significance: problems within Scope of Managerial Economics Micro-economy matters Applied to operational Macro-Economics Environment Applied to Business

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