What is Economics What is Managerial Economics Why is Manage

What is Economics? What is Managerial Economics? Why is Managerial Economics relvant to managers?

Solution

Economics is the social science that describes the factors that determine the production, distribution and consumption of goods and services.

Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways.

Managerial economics is the \"application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions\'

Managerial decision areas include:

Managerial decision is relevent to managers for take maragerial desicion and  it suggests course of action to a managerial problem.

Problems can be related to various departments in a firm like production, accounts, sales, etc.

these are the some desicion to be taken by managers

without managerial economic it is very difficult to take the decision,it will help the managers to the way that how the want to implement the decision and also managerial economics helps the manager or the group/ groups of people making the decisions to increase their problem analytics skills as well as formulation solution to probabilistic problems.