MANAGERIAL ECONOMICS


Meaning of MANAGERIAL ECONOMICS in English

Application of economic principles to decision making in business firms or other management units.

The basic concepts are drawn from profit , minimizing cost , and selecting the most profitable combination of products. Decision-making theory and game theory , which recognize the conditions of uncertainty and imperfect knowledge under which business managers operate, have contributed to systematic methods of assessing investment opportunities.

Britannica English dictionary.      Английский словарь Британика.