The world’s resources are limited and scarce. Economics is the study of how individuals and societies choose to use the scarce resources that nature and the previous generation have provided. A Manager is a person who directs resources to achieve a stated goal and he/she has the responsibility for his/her own actions as well as for the actions of individuals, machines and other inputs under his control. Managerial economics is an application of the principles of micro and macroeconomics in managerial decision making. The economic way of thinking about business decision making provides all managers with a powerful set of tools and insights for furthering the goals of their organization. Through Micro economics, managers focus on the behaviour of the individuals, firms and their interaction in markets. Successful managers take good decisions, and one of their most useful tools is the methodology of managerial economics. It is a valuable tool for analysing business situations to take better decisions. The presentation will give you better idea on the topic.

Abhijith S

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