Question

Difference between economics and managerial economics in tabular form

Answer 1

Difference # Traditional Economics:1. The Traditional Economics has both Micro and Macro aspects.   

2. This is both positive (existing certain) and  Normative Science.

3. This deals with Theoretical aspects only.   

4. Here, problems are analysed both from Micro and Macro point of view.  

5. It studies human behaviour on the basis of certain assumptions, but these assumptions do not hold good in Managerial Economics.   

6. Here, we study only the economic aspects of    
the problems.   

7. Here, we study principles underlying rent, wages, interest and profits.

Difference # Managerial Economics:

1. It is essentially Micro in character.

2. This is essentially Normative (setting standard) in nature.

3. While it deals with Practical aspects.

4. It studies the activities of an individual firm or unit.

5. Managerial economics deals mainly with Practical problems.

6. Here, both economic and non-economic aspects of the problems are studied.

7. Here, we study mainly the principles of profit only.

Answer 2

economics is a macro economics and managerial economics is a micro economics