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Role of Managerial Economics-
Importance of Managerial Economics
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Managerial economics means the application of theories to the problem of management. It provides solutions to firms, companies, and businesses. It makes the executives capable of analysing the situation better.
There are a total of 4 pillars of economics: Earning, Spending, Serving, and Investing. Economics surrounds these four pillars.
When we study economics, we all have to study the 4E’s: Economy, Efficiency, Effectiveness and Equitability.
The primary and fundamental focus of economics is to increase the companies’ value and profit while cutting and minimizing all the resources. This is achieved through the effective mindset of problem-solving and making the environment productive.
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