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Well, Micro Economics deals with an individual's behavior. It deals with individual and market demand and supply and the equilibrium price etc. It will tell you that if you are a consumer, you will compare prices and choose the cheapest product giving you the maximum utility (satisfaction) too. If you are a producer, you will see which product is most profitable to produce. You will take into account cost, revenue, competition. You will deal with forms of market such as monopoly oligopoly etc.

When you talk about Macro Economics, you are talking about the entire economy. National Income, Gross Domestic and Gross National Product etc. You will know the Aggregate Demand and Supply. You will understand foreign exchange, budgeting, banking and the measures to correct inflation and deflation. You will understand about financing deficits etc. Most of this is Keynesian Economics devised during The Great Depression in 1929. Strangely, the Obama government is following many simple laws of Macro Economics to help America out of the economic downturn.

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Cassandra Carroll

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12y ago
Managerial Economics

Managerial economics, also called business economics, is a subset of macroeconomics.

Managerial or "business economics" applies the ideas, mostly from micro-theory, but some from macro-theory as well, specifically to the business world. Many ideas are similar to microeconomics.

Managerial economics developed analytical tools for examining business decisions with much more specificity and granularity. It's not a general problem being solved; it's often a real-world problem of a real firm: for example, what combination of products at what price and what level of production would maximize the profits of a specific firm. Managerial economics provides an extensive set of statistical modeling, econometric modeling, applied theories and systems to address real-world decision-making in the business firm

MicroeconomicsMicroeconomics focuses on how small firms and individuals make decisions about resources, services and goods. This aspect of economy studies how behaviors and decisions affect supply and demand, price setting, sales, profit and revenue. Microeconomics asks the question: "How do people deal with their money, their time and their resources?" The analysis of market failure and competition is also discussed within microeconomics.
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9y ago

Managerial economics is for internal use by an organization; to improve business efficiency and manage resources. General economics refers to the financial well being of a nation's economy.

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12y ago

managerial economics is micro in character as it help us to study economic behaviour of individual unit and also help us in decision making..

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Q: Difference between economic and managerial economics?
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What is difference between economic and managerial economic?

Difference between economics & managerial economics 1) Managerial Economics is micro in character Pure Economics is both micro and macro in character 2) Managerial Economics study only practical application of the Economic principle to the problem of firm Pure Economics deals with the study of principles itself 3) Managerial Economics deals with the Economic problems of the firm while Pure Economics deals with Economic problems of both firm and individuals 4) Managerial Economics deals with profit theory only Pure Economics deals with all distribution theories like rent, wages, interests, and profits.


What is the Difference between economics and manegrial economics?

difference between economics and managerial economics


What is the difference between internal economics and external economics in managerial economics?

There's a lot of difference between Internal Economics And Managerial Economics. Internal Economics: It is economics related to an individual firm...where it is the practice of day to day operations in medium of puting various amount of inputs for a desireable output. Managerial Economics:It is the economics which is the practice of managing the firm,by divsion of labour and application of certain principles of management in day to day work.


Managerial Economics serves as a link between traditional economics and decision making Discuss?

many concepts in economics are regarded as empirically observed and evident but not theoretically understood or validated. That is to say there is a void between the academic Economics (traditional) and the practical application of Economics (managerial). Managerial economics serves as a means of applying economic theory to managerial decisions (real life business problems) of dealing with limited resources and competing ends. Managerial economics is a link as it's basis is in "traditional" economics but it can rarely be perfectly applied to contemporary "real life" decision making.


How does managerial economics bridge the gap between theory and business practices?

"Business economics integrates economic theory with business practice" Business economics is a special branch of economics that bridges gap between abstract theory and business practice. It deals with use of economic concepts and principles for decision making in a business unit. Hence, it is also called as Managerial Economics or Economics of the firm. Managerial economics is economics applied in the business decision making. Hence, it is also called Applied Economics. In simple words, business economics is the discipline which helps a business manager in decision making for achieving the desired results. In other words, it deals with the application of economic theory to business management.

Related questions

What is difference between economic and managerial economic?

Difference between economics & managerial economics 1) Managerial Economics is micro in character Pure Economics is both micro and macro in character 2) Managerial Economics study only practical application of the Economic principle to the problem of firm Pure Economics deals with the study of principles itself 3) Managerial Economics deals with the Economic problems of the firm while Pure Economics deals with Economic problems of both firm and individuals 4) Managerial Economics deals with profit theory only Pure Economics deals with all distribution theories like rent, wages, interests, and profits.


What is the Difference between economics and manegrial economics?

difference between economics and managerial economics


What is the difference between comparative economics and comparative economic system?

The different between them is that the word economics and economic.


What is the difference between internal economics and external economics in managerial economics?

There's a lot of difference between Internal Economics And Managerial Economics. Internal Economics: It is economics related to an individual firm...where it is the practice of day to day operations in medium of puting various amount of inputs for a desireable output. Managerial Economics:It is the economics which is the practice of managing the firm,by divsion of labour and application of certain principles of management in day to day work.


Managerial Economics serves as a link between traditional economics and decision making Discuss?

many concepts in economics are regarded as empirically observed and evident but not theoretically understood or validated. That is to say there is a void between the academic Economics (traditional) and the practical application of Economics (managerial). Managerial economics serves as a means of applying economic theory to managerial decisions (real life business problems) of dealing with limited resources and competing ends. Managerial economics is a link as it's basis is in "traditional" economics but it can rarely be perfectly applied to contemporary "real life" decision making.


How does managerial economics bridge the gap between theory and business practices?

"Business economics integrates economic theory with business practice" Business economics is a special branch of economics that bridges gap between abstract theory and business practice. It deals with use of economic concepts and principles for decision making in a business unit. Hence, it is also called as Managerial Economics or Economics of the firm. Managerial economics is economics applied in the business decision making. Hence, it is also called Applied Economics. In simple words, business economics is the discipline which helps a business manager in decision making for achieving the desired results. In other words, it deals with the application of economic theory to business management.


What is the difference between Economics and Managerial Economics?

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. According to Lionel Robbins, Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Managerial economics, used synonymously with business economics, is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. According to McGutgan and Moyer, "Managerial economics is the application of economic theory and methodology to decision-making problems faced by both public and private institutions".


What is the difference between economics and management?

management is a part of economic


What is the difference between economic systems and economic activities?

Distinguish between economics activities and economics system


What are the difference between managerial and non managerial levels?

Discuss the difference between managerial and non managerial tasks?


What the difference between positive economics and normative economics?

Positive Economics is the branch of economics that concerns the description and explanation of economic phenomena. Normative economics is the study of economics that attempts to determine the desirability of different economic conditions.


What is the difference between positive and normative economics?

Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. Normative economics is the study of economics that attempts to determine the desirability of different economic conditions.