3 Managerial economics relationship with other disciplines We think you have liked this presentation. 1.5 Scope of Managerial Economics 1.6 Relationship of Managerial Economics with other Disciplines 1.7 Summary 1.8 Key Words 1.9 Self Assessment Test 1.10 Suggested Books / References 1.0 Objectives After studying this unit, you should be able to understand: • The Meaning of Managerial Economics. It explores and enhances economic mindfulness and awareness of business problems and managerial decisions. It provides tools to help in identifying the best course among the alternatives and … If you wish to download it, please recommend it to your friends in any social system. Managerial economics has its relationship with other disciplines for propounding its theories and concepts for managerial decision making. Share buttons are a little bit lower. The subject offers powerful tools and techniques for managerial policy making. • The Nature and Characteristics of Managerial Economics. Published by Ernest Booker Modified over 4 years ago. UNIT -1 BASICS OF MANAGERIAL ECONOMICS LESSON 4- Relationship between managerial economic, economic, and other subjects After studying this lesson you will be able to distinguish managerial economics with its related subjects. The main difference between the branches of economics is that traditional economics is primitive and is used in underdeveloped and less technologically advanced economies, whereas managerial economics is a result of globalization and evolution of economics to include managerial decision making. Relationship of Managerial Economics with other Disciplines It is essentially applied micro economics. Thank you! It is a science as well as art facilitating better managerial discipline. Managerial economic is not something which is related to economics only, but there are other areas also to which managerial economic is related. It is concerned with firm’s behaviour in optimum allocation of resources. Tag: managerial economics relationship with other disciplines Managerial economics is a discipline that combines economic theory with managerial practice. Managerial economics makes the use of sophisticated modelling systems and … Essentially it is a branch of economics. Managerial economics is closely related to certain subjects like statistics, mathematics, accounting and operations research. It helps in covering the gap between the problems of logic and the problems of policy.
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