The Nature, Scope and Role of Managerial Economics in Business

Shixiang Gao ()
Additional contact information
Shixiang Gao: Babson College

A chapter in Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022), 2023, pp 836-843 from Springer

Abstract: Abstract Managerial economics plays a significant role in the management of business enterprises because it helps managers develop a wide range of leadership traits that streamline business decisions for the long term. The model allows managers to make informed decisions that ensure an organization make sustainable profits and attain positive growth rates. Since decision-making and business management are inseparable concepts, managerial economics helps managers achieve business functions such as planning, hiring, and company organization. Managers often consider several options to reach a workable conclusion based on the variables surrounding a particular situation. Thus, managerial economics helps the decision-making in organizations as making informed decisions is at the core of management. This essay will discuss the nature and scope of managerial economics and point out the role and significance of the business concept in a business setting. The paper achieves this by highlighting that business executives are required to choose the best available alternatives and adopt specific approaches to management. Data will be collected, and findings analyzed to provide a detailed conclusion on managerial economics' scope, nature, and role in business.

Keywords: Managerial economics; Business enterprise; Organizational management; Business policies and business activities (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-098-5_95

Ordering information: This item can be ordered from
http://www.springer.com/9789464630985

DOI: 10.2991/978-94-6463-098-5_95

Access Statistics for this chapter

More chapters in Advances in Economics, Business and Management Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().