DACILLO, KIM AIRA C.

MANAGERIAL ECONOMICS
Definition Characteristics

Economics is a social science concerned with the Production, Exchange of Goods or

production, distribution, and consumption of goods Services and etc.,
and services. It studies how individuals, businesses,
governments, and nations make choices on allocating
resources to satisfy their wants and needs, trying to
determine how these groups should organize and
coordinate efforts to achieve maximum output.

ECONOMICS

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Definition Characteristics

the process of dealing with or controlling Goal-oriented process, all-pervasive,

things or people. multidimensional, management of
work and etc.,
 MANAGEMENT

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Definition Characteristics
Normative
Deals with the application of the economic
concepts, theories, tools, and methodologies to
solve practical problems in a business.
 MANAGERIAL
ECONOMICS

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INDEPENDENT

Definition Characteristics
The action or process of making decisions, Rational thinker and etc.,
especially important ones.
 DECISION MAKING

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UNCERTAINTY
Definition Characteristics
It is the practical application of Discipline, knowledge and etc.,
knowledge for achieving particular
goals.

ECONOMICS AS AN
ART

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