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Managerial Economics Essay

516 words - 3 pages

.what is meant by managerial economics?
Managerial economics is a study of application of managerial skills in economics,more over it help to find problems or obstacles in the business and provide solution for those problems.problems may be relating to costs, prices, forecasting the future market ,human resource management, profits etc.

Managerial economics is a study of application of managerial skills in economics, more over it help to find problems or obstacles in the business and provide solution for those problems. Managerial economics (also called business economics), is a branch of economics that applies microeconomic analysis to specific business decisions. As such, it bridges economic theory and economics in practice.
it's fields and it's Components?
Fields are:
Risk analysis, production analysis , price analysis ...view middle of the document...

In the U.S., consumer spending accounts for about two-thirds of GDP.
Business Firms
* Business firms represent another important component of an economy. Specialized fields of economics, such as industrial, business and managerial economics, study the actions and decisions of business and industry. In the economy, businesses produce goods and services, which they sell to consumers and governments. They then use the money they receive from the sale of goods and services to purchase other goods, such as materials and other inputs, from other firms, such as suppliers.
Markets
* Economic activity occurs within markets, defined by economists as mechanisms for bringing together buyers and sellers of goods and services. Mainstream economists view markets as the best method in which to organize economic activity and far preferable to having the economy directed by a central planning authority, such as a governmental body. Under the market economy, buyers and sellers are free to enter transactions and seek those that bring them the greatest benefit.

Government
* Although most economists prefer market economies to centrally planned, or government-directed, systems, they recognize that government has an important role in a modern economy. As an economic component, governments can affect market outcomes through public policy actions when the market on its own fails to allocate resources efficiently. Government also provides goods and services, such as national defense and law enforcement protection, which the market could not provide efficiently. Government also acts as a referee in the market system, providing a system of contract enforcement that ensures that open market transactions can occur.

2- Relationship between managerial economics with business functions?
The main branch with economic theory with which managerial economic is related to micro economic theory

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