“managerial economics consists of the use of economic modes of thought to analyze business situations” – problems in business economics – McNair & Meriam “Economics decision making and forward planning” – Spencer & Siegelman “Managerial Economics is the integration of Economic theory with business practice to facilitating decision making and forward planning by management” – W.W. including economic principles and concepts for the analysis and solution of management problems of business organizations and industries. Managerial Economics is the branch of economics. Managerial Economics Definition Nature and Scope But in the present age, this word of managerial economics has become more popular. Earlier Managerial Economics was known as Business Economics.
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