Managerial Economics Basics

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Managerial economics
Definition
* economics
* ADAM SMITH - According to ADAM SMITH (Father of economics), economics is the “science of wealth”. According to him the acquisition of wealth is the main objective of human activity. Therefore it is necessary to study how wealth is produced. This is the subject mater of the economics…

* ALFERED MARSHELL: - According to ALFERED MARSHELL,” political economy or economics is the study of means and action in the ordinary business of life.

* LIOUEL ROBBINS:- According to LIOUEL ROBBINS, economics is the science of studies of human behavior as the relationship between ends and scare means which have the alternative uses *

* Managerial economics : -
* Micro + economics
* Demand theory
* Production theory
* Price theory
* Individual firm
* Macro economics
Micro-
economics | Macro-
economics| Overlapping|
Industrial
organization| monetary
economics| financial
economics|
labor
economics| investment| international
trade
theory|
agricultural
economics| inventories| urban and
regional
economics|
the economics
of public utilities
and regulation| consumption
expenditure| economic
development|
environmental
economics| business
fluctuations| econometrics|
the economics
of information
industries| | economic
history|
| | economics of
the public sector|

Definitions of Managerial economics
1. “Managerial economics is concerned with the application of economic concepts and economics to the problems of formulating rational decision making “. MANSFIELD 2. “Managerial economics …is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”. SPENCER AND SEIGELMAN 3. “Managerial economics is concerned with the application of economic principles and methodologies to the decision-making process...
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