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Introduction

Managerial Economics is a new field that focuses on the application of economic theories and analytical tools to enhance decision-making in complex business environments. The course aims to improve participants' understanding of how economic concepts influence decision-making and to equip them with the appropriate models and tools for various problems. Emphasizing the importance of further readings, the material encourages a deeper comprehension of the subject matter.

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msewalem12
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3 views2 pages

Introduction

Managerial Economics is a new field that focuses on the application of economic theories and analytical tools to enhance decision-making in complex business environments. The course aims to improve participants' understanding of how economic concepts influence decision-making and to equip them with the appropriate models and tools for various problems. Emphasizing the importance of further readings, the material encourages a deeper comprehension of the subject matter.

Uploaded by

msewalem12
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

INTRODUCTION

Managerial Economics is relatively a new subject matter. It has emerged and


developed because of the complexity of the growing business environment. Nowadays
efficient resource utilization and effective goal achievement are at the center of every
managerial decision. However efficient and effective utilization of resources highly
depend on an understanding of the technical aspects of decision making including
scientific method of decision making and decision making models.

These decision-making approaches are rooted in economic theories, concepts and


tools. Thus economic theories and analytical tools, which are widely used in business
decision-making, have crystallized into a separate branch of management studies,
called Managerial Economics (MC).

Different scholars use different expression to define managerial economics. However,


the common elements emphasized by each scholar are the use of analytical tools and
concepts to make decisions.

In this global economy the application of Managerial Economics as a tool of analysis


and its contribution to the process of decision-making has been widely recognized.
Moreover, the appreciation of economic theories and concepts not only increases the
quality of decision outcomes but also improves the confidence of decision-makers.

Throughout this course material the various economic theories which are demanded to
constitute Managerial Economics are discussed. So to understand the subject matter,
you are required to read this material very carefully. To acquire broader knowledge
further readings related to the course is strongly advisable.
General Objectives
The general objective of the course is to help the course participants to:

- enhance their knowledge on how theories and concepts in economics influence


rationalized decision-making
- apply the right decision-making models and tools for the right problems.
- explain decision-making and planning approaches as, and when applied.

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