Essay On Managerial Economics

1468 Words6 Pages
Understanding the meaning of managerial economics and its concepts is important to gain the knowledge of exploring its benefits as a business and household decision maker. Managerial economics is a tool that has several resources to assist in difficult business decisions and assist in the day to day operations of a business as a leader. In my opinion, I feel at the end of this course, my ability to apply strategies and concepts to business decisions will allow me to utilize key points to increase production while making rational decisions. My main goal is to formulate legitimate supervising decisions that are effective for the business and clients. The study of managerial economics will assist me professionally by enhancing my problem-solving…show more content…
Managerial economics is a tool that has several resources to assist in difficult business decisions and assist in the day to day operations of a business as a leader. In my opinion, I feel at the end of this course, my ability to apply strategies and concepts to business decisions will allow me to utilize key points to increase production while making rational decisions. My main goal is to formulate legitimate supervising decisions that are effective for the business and clients. The study of managerial economics will assist me professionally by enhancing my problem-solving techniques and being a logical thinker. Business dictionary defines managerial economics as the “application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions.” There are many benefits of studying managerial economics and its concepts. Learning the concepts is one thing but applying the concepts and techniques to daily business decisions will need the guidance of being a Christian and applying the beliefs of God in the workplace. Proverbs 2:6 says, “For the Lord gives wisdom; from His mouth comes knowledge and understanding.” (The Holy Bible). Applying this verse to this course objectives mean that I can study and read my weekly text, but I must be willing to accept the…show more content…
Applying these topics can be very challenging in business practices and working with individuals. In leadership, or being a decision maker for a business it is important that we lead by example and live as a Christian by doing what is right day to day. It is important not to make premature decisions in business because it can have a negative impact on the business, clients, and workers. Integrating my Christian beliefs will allow me to be patient and wise in making business decisions. Studying managerial economics will provide a positive outlook on solving problems and assisting in using the best concepts to promote profits. One benefit I will gain in business decision making by studying managerial economics is knowing how to trust in God when it comes to pressure in the workplace making important decisions for the company. Proverbs 19:2 says, “Also it is not good for a person to be without knowledge, and he who makes haste with his feet errs.” (The Holy Bible). Therefore, it is vital that decision makers have knowledge of the resources and what is needed for the best interest of operating a business. It is my intention to be able to identify any problems of the business that may interfere in establishing and achieving the main goals and objectives of the company. In leadership, as a decision maker I desire to be effective
Get Access