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					Managerial economics is that branch of economics that deals with
managerial decision making. Managerial Economics and Business economics
are the two terms, which, at times have been used interchangeably. But
somehow the term Managerial Economics has become more popular and seems
to displace progressively the term Business Economics. The major role
and responsibility of a management executive in a business organization
is decision making and planning. Decision Making means the process of
selecting one course of action from two or more alternative courses of
action whereas on the other hand planning means laying down plans and
policies for the future. The opportunity of making the choice arises
because resources which are required for production of goods and services
such as capital, land, labour and management are limited in nature and
can be employed in alternative uses. The decision making function thus
becomes one of making choices or decisions that will provide the most
efficient means of attaining a desired end, say, profit maximization.
Once decision is made about the particular goal to be achieved, plans as
to production, pricing, capital, raw materials, labour, etc., are
prepared. Forward planning thus goes hand in hand with decision making.
A major condition of the business under which it operates, work and take
decisions, is uncertainty. And this fact of uncertainty not only makes
the function of decision making and forward planning complicated but adds
a different dimension to it. If we had full knowledge of the future then,
plans can be formulated without committing any error and hence without
any need for subsequent revision. In the real world, however, the
business manager do not possess complete information and the estimates
about future are predicted to the best of their knowledge. As plans are
implemented over time, many real situations, problems and facts comes to
our knowledge and with respect to these changes, plans may have to be
revised, and a different course of action adopted. Managers are thus
engaged in a continuous process of decision making through an uncertain
future and the overall problem confronting them is one of adjusting to
uncertainty. In achieving the function of decision making in an
uncertain environment, economic theories can be put into the best service
with considerable advantage. Economic theories talks about number of
concepts and principles which relate to business directly, for example,
to profit, demand, cost, pricing, production, competition, business
cycles, national income, etc., which takes help by many other disciplines
like Accounting, Finance, Statistics and Mathematics can be used to solve
or at least throw some light upon the problems of business management.
The manner in which the analysis of economics theories can be used as a
tool to solve business problems, is known as Managerial Economics. In
approximately all management courses Managerial economics is studied as a
subject so that potential business manager's can come to know about
economic theories and they can take better decisions. As we know
management field is open to all commerce and non-commerce students so
economics seems to be a difficult subject for those who are studying it
for the first time.       So tutorhelpdesk is one company which
provides help on all topics of economics including micro economics, macro
economics, managerial economics etc. for any kind of help on economics
feel free to contact tutorhelpdesk.


  Article is written by Ben marsh economics tutor. For on any kind of
Managerial economics assignment help or economics homework help     feel
free to contact.


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