Buy custom Meaning And Scope Of Managerial Economics
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English
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| Number of pages / Number of words: |
8 / 2135 |
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Spencer and Siegelman defined managerial economics as “ The Integration Of Economic Theory With Business Practice For The Purpose Of Facilitating Decision Making And Forward Planning By Management.
It has two stages .
Stage One: Is the integration of economic theory with business practice.
Stage Two: Is the application of stage one for decision making and forward planning...
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When supply is short of demand, the price goes up. A shrewd businessman will always study the economic situation and apply them to his business. In other words, if supply is short he gets a higher price. Alternatively if the demand is less then he can cut down his production.
The problem of decision making has two aspects ...
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