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'As an MBA learner you need to study Managerial stintings which is concerned with decision qualification by managers. As you each argon aware that the main prank of managers is decision making only. Before making a decision one has to bestow into accounts so many things. And here comes theimportance of managerial scotchs. Meaning of Economics: Economics screwing be called as genial scholarship dealing with frugalals occupation and mans economic behavior. It deals with economic behavior of man in society in respect of consumption, issue;distri exception and so on conomics place be called as an unending science.There are intimately as many renderings of economy as there are economists. We know that definition of subject is to be expected but at this stage it is more helpful to set out few examples of the sift of issueswhich concerns professional economists. Example: For e. g. most of us want to lead an exciting smell i. e. life full of excitements, adventures etc. b utunluckily we do not always have the resources necessity to do everything we want to do. Thereforechoices have to be made or in the delivery of economists individuals have to decide—â€â€Å"how toallocate scarce resources in the most effective ways”.For this a body of economic principles and concepts has been developed to beg off how people andalso business react in this attitude. Economics provide optimum exercise of scarce resources to master the desired result. It providesthe earth for decision making. Economics can be studied under two heads:l) small Economics2) macro EconomicsMicro Economics: It has been defined as that branch where the unit of study is an individual, libertine or household. Itstudies how individual ake their choices about what to produce, how to produce, and for whom to produce, and what wrong to charge.It is also known as the cost theory is the main source of conceptsand analytical tools for managerial decision making. Various micr o-economic concepts such(prenominal) as demand, supply, elasticity of demand and supply, marginalcost, non-homogeneous market forms, etc. are of broad significance to managerial economics. 1 Macro Economics: Its not only individuals and forms who are faced with having to make choices. Governments facemany such problems. For e. g. How more than to spend on healthHow uch to spend on servicesHow much should go in to providing social security benefits.This is the same type of problem facing all of us in our daily lives but in polar scales. lt studies the economics as a whole. It is aggregate in character and takes the entire economic as aunit of study. Macro economics helps in the area of forecasting. It includes National Income,aggregate consumption, investments, employment etc. Meaning of managerial economics: It is other branch in the science of economics. sometimes it is interchangeably used with businesseconomics. Managerial economic is concerned with decision making at the l evel of firm.It has beendescribed as an economics utilize to decision economic theory and managerial performs. lt is defined as application of economic theory and methodology to decision making process by themanagement of the business firms. In it economic theories and concepts are used to crop practical business problem. It lies on the border of economic and management. It helps in decision makingunder doubtfulness and improves effectiveness of the organization. The basic purpose of managerial economic is to show how economic nalysis can be used informulating business plans.Definitions of managerial economics: In the words of Mc Nair and Merriam,” Managerial Economics consists of use of economic modes of thought to analyze business situation”. According to Spencer and Seigelman””it is defined as the consolidation of economic theory with business practice for the purpose of facilitating decision making and send planning by themanagement”. Economi c provides optimum utilization of scarce resource to achieve the desired result.\r\n'