MANAGERIAL ECONOMICS
MANAGERIAL ECONOMICS Economics Economics is a social science, a classified body of knowledge concerning human relationships clustered about man’s effort to earn a living. Economics is quite an old discipline. That is why Prof. Samuelson remarks that economics is the “Oldest of the arts, newest of the sciences indeed the Queen of the Social sciences ”. The origin of the subject could be traced to the works of the Greek Philosopher, ‘Aristotle’ who confined the study of economics t o house hold management and acquiring and making proper use of wealth. It is important to note that the word ‘Economics’ has been derived from the Greek Works ‘OIKOS’ (a house) and ‘NEMINE’ (to mange). Thus economics means managing a household with limited funds. Adam Smith’s magnum opus book “ An Enquiry into the Nature and Causes of Wealth of Nations ” published in the year 1776, laid a strong foundation for the growth of economics. Hence ‘ Adam Smit...