Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

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The Nature, Scope and Role of Managerial Economics in Business

Authors
Shixiang Gao1, *
1Babson College, Wellesley, Massachusetts, US
*Corresponding author. Email: sgao1@babson.edu
Corresponding Author
Shixiang Gao
Available Online 27 December 2022.
DOI
10.2991/978-94-6463-098-5_95How to use a DOI?
Keywords
Managerial economics; Business enterprise; Organizational management; Business policies and business activities
Abstract

Managerial economics plays a significant role in the management of business enterprises because it helps managers develop a wide range of leadership traits that streamline business decisions for the long term. The model allows managers to make informed decisions that ensure an organization make sustainable profits and attain positive growth rates. Since decision-making and business management are inseparable concepts, managerial economics helps managers achieve business functions such as planning, hiring, and company organization. Managers often consider several options to reach a workable conclusion based on the variables surrounding a particular situation. Thus, managerial economics helps the decision-making in organizations as making informed decisions is at the core of management. This essay will discuss the nature and scope of managerial economics and point out the role and significance of the business concept in a business setting. The paper achieves this by highlighting that business executives are required to choose the best available alternatives and adopt specific approaches to management. Data will be collected, and findings analyzed to provide a detailed conclusion on managerial economics' scope, nature, and role in business.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
27 December 2022
ISBN
78-94-6463-098-5
ISSN
2352-5428
DOI
10.2991/978-94-6463-098-5_95How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Shixiang Gao
PY  - 2022
DA  - 2022/12/27
TI  - The Nature, Scope and Role of Managerial Economics in Business
BT  - Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
PB  - Atlantis Press
SP  - 836
EP  - 843
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-098-5_95
DO  - 10.2991/978-94-6463-098-5_95
ID  - Gao2022
ER  -