Introduction

Economics : It is the study of how economic agents or societies choose to use scarce productive resources that have alternative uses to satisfy wants which are unlimited and varying degree of importance . In fact economics is an important subject because of the fact of scarcity and desire of efficiency . In economics ,we say that an economy is producing efficiently when it can not make anyone economically better without making someone else worse off .

The three problems of economic organizations

What commodities are produced How these commodities are produced For whom are goods produced

Market ,command and Mixed Economies

No contemporary society falls completely into either of these polar categories Rather all societies are mixed economies with elements of market and command ,. There has never been a 100 percent market economy .

Nature and scope of managerial economics

Managerial economics applies economic theory and methods to business and administration decision making . Managerial economics also helps managers recognize how economic forces affect organization and describe the economic consequences of managerial behavior ,.

Important concepts
Micro and Macro economics Positive and Normative approach Scarcity Choice Opportunity cost Marginalism and Incrementalism Rationality Partial and general equilibrium