![]() ![]() These divisions of business economics constitute its subject matter. Pricing Decisions, Policies and Practices.Even then the following fields may be said to generally fall under Managerial Economics: The scope of managerial economics is not yet clearly laid out because it is a developing science. Thus in brief we can say that Managerial Economics is both a science and an art.The way economic analysis can be used towards solving business problems, constitutes the subject-matter of Managerial Economics. E.g are profit, demand, cost, pricing, production, competition, business cycles, national income etc. In fulfilling the function of decision-making in an uncertainty framework, economic theory can be, pressed into service with considerable advantage as it deals with a number of concepts and principles which can be used to solve or at least throw some light upon the problems of business management.Managers are thus engaged in a continuous process of decision-making through an uncertain future and the overall problem confronting them is one of adjusting to uncertainty. He prepares the best possible plans for the future depending on past experience and future outlook and yet he has to go on revising his plans in the light of new experience to minimize the failure. ![]() Nobody can predict the future course of business conditions.
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