INTRODUCTION TO MANAGERIAL ECONOMICS Nature and Scope Economics is the science that deals with the management of scarce resources in demand. INTRODUCTION TOMANAGERIAL ECONOMICS UNIT I REFERENCE: MANAGERIAL ECONOMICS -DR. D.M MITHANI, 2. Introduction to managerial economics 1. Managerial Economics belongs to normative economics rather than positive economics (also sometimes known as Descriptive Economics). It makes use of economic theory and concepts. INTRODUCTIONEmergence of managerial economics as a separate course of management studies can be attributed to at least three factorsa) Growing complexity of business decision making process due to changing market conditions and business environment.b) The increasing use of economic logic, … Since the purpose of managerial economics is to apply economics for the improvement of managerial decisions in an organization, most of the subject material in managerial economics has a microeconomic focus. Introduction to managerial economics 1. Root of the word ‘economics comes from Greek word ‘Oikonomia’ (management of household or household rules). WHAT IS ECONOMICS? It is also described as a scientific study on how individuals and the society generally make choices ( Fajardo 1977). It helps in formulating logical managerial decisions. Economist’s dictionary of economics defines it as “The study of production, distribution and … systematic behavior of an economy. View INTRODUCTION TO MANAGERIAL ECONOMICS.pptx from QUAID E AZ 20 at University of Peshawar, Peshawar. Managerial Economics assists the managers of a firm in a rational solution of obstacles faced in the firm’s activities. MANAGERIAL ECONOMICSBy Snigdha Singh 1 2. However, since managers must consider the state of their environment in making Managerial Economics can be defined as amalgamation of economic theory with business practices so as to ease decision-making and future planning by management. In other words, it is prescriptive rather than descriptive. INTRODUCTION TO MANAGERIAL ECONOMICS ECONOMICS • Derived from two Greek words: Oikos meaning

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