Basic finance terms that every entrepreneur should fully understand

May 28th, 2015
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A. T. Still University
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Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm’s decision-making process. According to MeNair and Meriam, managerial economies consists of the use of economic models of thought to analyze business situations. Some writers consider managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. The underlying idea of all these definitions is that managerial economics means economics applied in decision-making. So we may consider managerial economics as a special branch of economics bridging the gap between abstract theory and managerial practice.

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BACHELOR OF COMMERCE (B.COM.,)PAPER 2.1MANAGERIAL ECONOMICS1UNIT ICHAPTER - ISECTION - IDefinition of Managerial EconomicsManagerial economics refers to those aspects of economics and its tools of analysis most relevant to thefirms decision-making process. According to MeNair and Meriam, managerial economies consists of the use ofeconomic models of thought to analyze business situations. Some writers consider managerial economics as theintegration of economic theory with business practice for the purpose of facilitating decision-making and forwardplanning by management. The underlying idea of all these definitions is that managerial economics means economicsapplied in decision-making. So we may consider managerial economics as a special branch of economics bridgingthe gap between abstract theory and managerial practice.It may be pointed out here that effective decision-making at the firms level calls for a careful analysis of achoice between alternative courses of action. Economic theory offers a variety of concepts and analytical tools whichcan be of considerable assistance to the manager in his decision-making process. In fact actual problem-solving mayrequire many skills and tools which are not available in the traditional economists. For example, knowledge ofaccounting and of statistical concepts and methods, which are not taught in economics, can help the analyses toapply more effectively the economic tools in a concrete situation

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