Fundamental Concept of Managerial Economics: A Business Advancement of Today and Tomorrow Management

Abstract

The Managerial economics is the most common word in term of business economics. As its name the managerial economics, it supports the basic business model and helps to take in decision making methods. Its also works on the model which helps to implement the theoretical concepts into practical business model. The main aim of managerial economics is to guide the business in taking decision, built the strategy and provide the comfortable solution for the business. The managerial economics also boost the power of taking hard decisions which may provides long term benefits. The main objective of managerial economics is to support the business in order to achieve its short term and long term goals. This strategy works on assume and predict model to solve the problem. This research study the design provided by the managerial economics to understanding the future by the business persons, the leaders and the persons associated with the business and do the proper analysis for decision making. It also provides many ways for the business strategy for future.