Managerial Economics – Concept, Scope, Types & Significance

managerial economics

Introduction –

The emergence of managerial economics has been the result of new conjunction around management and economics. Demand, benefit, expense, and competition are all concepts that involve economic analysis. In this way, managerial economics is called economics referred to as “problems of choice’’ or alternatives and distribution of scarce resources by the firms.

Economics with time has become an indispensable part of any enterprise. This single definition underpins all market expectations, forecasting, and investments.

Managerial economics is a branch of economics that incorporates managerial practice with theory. It aids in bridging the difference between logical and policy issues. The topic provides useful methods and strategies for formulating managerial policy.

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Difference between Entrepreneur and Intrapreneur | 7 Crucial Aspects

Difference between Entrepreneur and Intrapreneur

These two terms ‘entrepreneur’ and Intrapreneur’ sounds similar, however, are different from each other. Entrepreneurs are those who create, develop, nurture their own venture by their unique and innovative business ideas, on the other hand, Intrapreneur is a proactive, efficient employee of an existing organisation who works on salary.

An Intrapreneur is slightly different from other typical employees in terms of work efficiency, vision and productivity.

In this article, we will discuss other prominent difference between entrepreneur and Intrapreneur. But before we dig into their differences, let us understand what exactly an entrepreneur and Intrapreneur are.

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Difference between Entrepreneurs and Managers | 7 Critical Differences

Difference between Entrepreneurs and Managers

The entrepreneur and managers are the most valuable people behind any organisation and their roles are equally important for functioning.

Although both the term sounds similar in some contexts yet there are few critical difference between entrepreneurs and managers. The most prominent difference lies in their role, position, thought process and approach for a business organisation.

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Difference between Entrepreneur and Entrepreneurship

Although both term Entrepreneur and Entrepreneurship are understood similar, however, there are some key differences when it comes to the difference between entrepreneur and entrepreneurship. But how would you differentiate an entrepreneur from entrepreneurship?

Therefore, for more clarity on the term Entrepreneur and Entrepreneurship, let us derive a formula.

Entrepreneur (Person)  +   Entrepreneurship (Process)     =       Enterprise (Outcome)     

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Controlling in Management | Definition, Limitation and Importance of Controlling

Controlling in Management: Controlling is one of the important function of a manager. Controlling function of a manager is the most common function. Managers at all level of management – Top, middle and lower need to perform controlling function to keep control over activities in their areas.   In order to seek planned result from the … Read more