Normally, it is considered that business administration and the economic theories are of different concerns but it is wrong perception.For a successful business administrator not only the business laws but the concept of economics especially the managerial economics also matteres.

Whether the decision is about production and distribution, sale and purchase, goods and services, costs and prices,or profits and loses the owner must have the knowledge of basic economic theories.

For a profitable business not only the knowledge of economic theories is important but the manager must also be aware of the applicability of the theories to the real life. Basic managerial concepts are the managing tools in the business world.
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