Difference between business economics and managerial economics
Answers
Business economics is a field in applied economics in which quantitative methods and economic theory to analyze business enterprises. The factors that contribute to the diversity of the organizational structures and relationship of the firm with capital, labor, and product markets are analyzed.
Managerial economics is the field of economics that deals with the economic concepts and analysis of problems that are required to formulate rational managerial decisions. It is a branch of economics that applies microeconomic analysis for decision making and other management units.
The following are the differences between the business and managerial economy
Business Economy:
1. The Business Economy is the part of applied economics, which uses a different parameter of eco-nomic theories and quantitative methods to evaluate the business organization.
2. It is based on microeconomics in two levels positive and normative nature
3. This is concerned with a wide area as it deals with economic issues and dilemmas associated with the business industry, management, and approach.
Managerial Economics:
1. Managerial Economics has been defined as economics employed to decision-making.
2. It is used to analyze and makes decisions at the micro or managerial level.
3. Managerial Economics has essentially regulating nature.