Other Terms For Managerial Economics
Certain other expressions like economic analysis for business decisions and economics of business management have also been used instead of managerial economics but they are not so popular. Sometimes expressions like ‘Economics of the Enterprise’, ‘Theory of the Firm’ or ‘Economics of the Firm’ have also been used for managerial economics. It is, however, not appropriate t use theses terms because managerial economics, though primarily related to the economics of the firm, differs from it in the following respects:
- First, ‘Economics of the Firm’ deals with the theory of the firm, which is a body of economic principles relating to the firm alone. Managerial economics on the other hand deals with the, application of the same principles to business.
- Secondly, the term ‘Economics of the firm’ is too simple in its assumptions whereas managerial economics has to reckon with actual business behaviour, which is much more complex.
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