√ Definition of Managerial Economics, Scope and Examples
Definition of Managerial Economics, Scope and Examples – In this discussion we will explain managerial economics. The discussion includes understanding according to experts, scope and examples of managerial economics that are complete and easy to understand.
Definition of Managerial Economics, Scope and Examples
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Understanding Managerial Economics According to Experts
The following is a definition of managerial economics according to experts.
1. Wikipedia
The definition of managerial economics according to Wikipedia is the application of economic theory and scientific analysis tools decisions to discuss how an organization can achieve its goals or purposes in the best way efficient.
2. Hirschey (2003)
According to Hirschey, the definition of managerial economics is the application of economic theories and methods in the managerial and administrative decision-making process.
3. Dominic Salavatore (1996)
The definition of managerial economics according to Dominic Salvatore is knowledge that shows the application of theory economics and knowledge analysis of decision making that examines how organizations can achieve goals effectively efficient.
4. Evan J. Douglas (1995)
Understanding managerial economics according to Evan J. Douglas is a branch of science that is concerned with the application of economic methodological principles in the decision-making process of companies or organizations.
5. Ket (2000)
The definition of managerial economics according to Ket is the science and art of how to organize and allocate limited company resources to achieve desired goals.
6. Mc. Connell (1993)
Understanding managerial economics according to Mc. Connel is a very useful analytical tool for managers in making business decisions. As the name suggests, managerial economics is a hybrid of economics and management science.
Scope of Managerial Economics
Managerial economics is an application of science that combines economics and decision making. So the following is the scope of managerial economics:
Managerial Economics and Economic Theory
Management decisions can overcome an organization's problems by applying economic theory and decision science tools. In economic theory there are microeconomic and macroeconomic theories. Microeconomics is the science that studies individual economic behavior as a decision-making unit, such as individual consumers, resource owners, and business enterprises in business trade and trading systems free.
On the other hand, macroeconomics is a science that discusses output, income, employment, consumption, investment and prices in total or aggregate in the economy seen as a whole.
Managerial Economics and Decision Making
The principles of managerial economics for decision making by managers relating to allocating scarce resources efficiently include: Man, Money, Material, Method
Managerial economics leads to the application of economic theory and decision science tools to find optimal solutions to various managerial decision problems
Managerial Economics and Decision Sciences
Decision science consisting of economic mathematics and econometrics (statistics) to form and estimate models decisions that aim to determine the company's optimal behavior, namely achieving its goals in the best possible way efficient.
Economic mathematics can also be used to create formulas (describe in the form of equations) economic models in economic theory and used for forecasting.
Managerial Economics and Business Administration
In decision making, managerial economics and the functional areas of business administration are the background. Administration includes accounting, finance, marketing, human resource management and production.
So managerial economics is a combination of economic theory, decision making science and the functional areas of business administration science. These three things are related to each other in the organization to achieve goals in a more efficient way.
Examples of Managerial Economics
An example of the application of managerial economics can be seen in a hospital in carrying out activities To treat patients, of course the hospital must calculate how many patients it can or can treat each time the day. Apart from that, hospitals must also determine how doctors, nurses and hospital workers can work continuously and alternately within certain time periods. In this case, there must be the right decision so that there are no deficiencies or errors.
That's our explanation this time regarding Definition of Managerial Economics, Scope and Examples, hopefully it can increase your insight and knowledge. Thank you for visiting.
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