He does not study the economic problems of an economy as a whole. It is also considered to be a stream of science by some economist claiming that it … Some of the main characteristics of business economics are as follows: 1. Managerial economics is primarily or largely concerned with the practical application of economic principles and theories to the following types of strategic decisions made within all types of business enterprises: 1. Managerial economics, or business economics, is a division of microeconomics that focuses on applying economic theory directly to businesses.The application of economic theory through statistical methods helps businesses make decisions and determine strategy on … 3. Micro-economics is the study of the behaviour and problems of individual economic unit. 2. Micro in Nature: Business economics is micro-economics in nature. Managerial economics is a branch of economics that studies how businesses produce, distribute and consume resources, goods and services. • In managerial economics unit of study is firm or business organization and an individual industry. Generally a business manager is concerned with problems of his own business unit. Characteristics of Managerial Economics 1. This is due to the study of business economics mainly at the level of the firm. The selection of the product or service to be offered for sale . Managerial Economics is micro-economic in character. Let us read about the nature of this concept in the following points: Art and Science: Managerial economics requires a lot of logical thinking and creative skills for decision making or problem-solving. To know more about managerial economics, we must know about its various characteristics. It would be useful to point out certain chief characteristics of Managerial Economics, in as much it’s they throw further light on the nature of the subject matter and help in a clearer understanding thereof. Managerial Economics micro-economic in character. 2. 2. The choice of production methods and optimum combination of the substitutable resources . Managerial economics -- together with financial economics, microeconomics and macroeconomics -- constitutes the backbone of economics as it is taught in business schools. 1. Chief Characteristics Of Managerial Economics It would be useful to point out certain chief characteristics of Managerial Economics, inasmuch it’s they throw further light on the nature of the subject matter and help in a clearer understanding thereof. Characteristics of Managerial Economics. Micro economics: • Managerial Economics is mainly microeconomics.
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