MGT405 Lecture Notes - Lecture 3: Oligopoly, Business Cycle, Market Structure
Document Summary
After having studied this lesson, you should be able: to know t h e definition and characteristics o f business. Economics: to understand the goal of business economics, to widely appreciate the scope of business economics. Managerial economics consists of that part of economic theory which helps the business manager to take rational decisions. Economic theories help to analyse the practical problems faced by a business firm. Managerial economics integrates economic theory with business practice. It is a special branch of economics that bridges the gap between abstract theory and business practice. It deals with the use of economic concepts and principles for decision making in a business unit it is over wise called business. The term managerial economics is more in use now- a-days. Managerial economics is economics applied in business decision- making. In simple words, business economics is the discipline which helps a business manager in decision making for acheiving the desired results.
