How we can use Economics as our basis in making a sound managerial decision
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Reference for Business
Home Encyclopedia of Business, 2nd ed. Man-Mix Managerial Economics
MANAGERIAL ECONOMICS
Managerial Economics 125
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Decisions made by managers are crucial to the success or failure of a business. Roles played by business managers are becoming increasingly more challenging as complexity in the business world grows. Business decisions are increasingly dependent on constraints imposed from outside the economy in which a particular business is based—both in terms of production of goods as well as the markets for the goods produced. The impact of rapid technological change on innovation in products and processes, as well as in marketing and sales techniques, figures prominently among the factors contributing to the increasing complexity of the business environment. Moreover, because of increased globalization of the marketplace, there is more volatility in both input and product prices. The continuous changes in the economic and business environment make it ever more difficult to accurately evaluate the outcome of a business decision. In such a changing environment, sound economic analysis becomes all the more important as a basis of decision making. Managerial economics is a discipline that is designed to provide a solid foundation of economic understanding in order for business managers to make well-informed and well-analyzed managerial decisions
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Set as brainliest
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made their theory increasingly irrelevant to understand economic reality when it is pursued not as the defence of an antiquated and close minded system of belief