Difference between economic theory and managerial theory
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Economics is social science that is concerned with the production of goods and services, distribution and consumption of those goods and services, and transfer of wealth between entities within a country or across regions. The theory of economics in today’s world is a broad subject which is divided into microeconomics and macroeconomics. Managerial economics is based on both microeconomics and macroeconomics, whereas traditional economics refers to the concept of economics that is more traditional and primitive in nature. The following article clearly explains the difference between economics and managerial economics.
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