Date 5-11-2022

What is Economics , Macro and Micro Economics, Managerial Economics ?

What is Economics?
Definition: - Economics is a social science concerned with the
production, distribution, and consumption of goods and services.

Economics

Micro Economics Macro Economics

Micro Economics: - It is Branch of economics which analyses the market

behavior and the decision making process of an individual consumer and a firm

Macro Economics: - It is a study of how the national economy as a whole

grows and the changes which occur over time.

Managerial Economics: - It is discipline which require the concept of

economics to make rational decision and achieve managerial objective.

Now Which Type of Objective

1. Decision Regarding Price

Price of product depends on structure of market demand.

2. Forecast and estimation of the demand for the product.

Manager will have to foresee and provide for the future increases in demand for product.

3. Choice relating to the technique of production.

Labor Incentive or capital Incentive Technology

4. Advertising expenditure
How Much?

5. Decision relating to investment

Long Run a firm has decide on expanding the production of the product.