Question

Managerial economics to understand the _______ forces affecting the business Internal External Political Social

Answer 1

Answer:

Different

Explanation:

Managerial economics to understand the different forces affecting the business Internal External Political Social

It is basically a mixture of the study of economics with the business practices and conditions that make the managers to take effective decisions considering all factors that impact economy. These factors include the internal and external challenges and the politics around the business and the social culture of organization

Answer 2

Managerial economics to understand the internal forces affecting the business

Explanation:

• Managerial economics deals with problems that are connected to the organisation and not the entire economy as a whole. The manager use various techniques, methods, theories and different economical concepts for solving any problem in the organisation.
• The managerial economics entails the use of economic theories, and various methods of analysis and statistics to make their strategies on pricing, investments, risk and other aspects involving the production of the goods. These methods help with maximizing on the efficiency of the business functions.
• Managerial economics is applied for increasing the profits of the company with applying methods that helps to achieve the objectives of the company.  They are able to judge the economic forces that affect the demand and supply of goods and create strategic decisions for increasing profits.

To know more about managerial economics

What is managerial economics and explain nature and scope of managerial economics

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