- Managerial Economic is a Science: We know that science is systematic body of knowledge and proved. On the other hand M.E is also science because the Principles and theory of Managerial Economics is proved. Which is applicable for all level of Organization and theory of demand, theory of price, theory of profit, theory of capital is also proved, So we can say that managerial economic is science.
- Managerial economic is an art: Managerial economics is an art because an art is application of skills can used for the purpose of getting some relevant information and the other, In M.E theory is implement in Practice way in M.E managerial skills is implemented. So ME is an art.
- M.E for administrations of Organization: Managerial economic for administration of organization because administration give the relevant data. They find out the problem and solve the problem immediately in organisation and the admin decide the target on the basis of price, Quality of the products, Demand of product. Administration forecast the demand according to the situation of present demand of the market.
- M.E is helpful in optimum resources allocation: In the organization are limited resources and this resources can used in several places at a time by the tools and techniques of managerial economic. The resources will used to get optimum output. In the organisations our ultimate objective to earn profit so the limited resources used in such a way to get maximum profit because, resources are limited. Our resources in human and non-human resources. Human resources that means labor, employees, and Non-human resources that means land, building, machine, raw materials Etc.
- Managerial economic has component of micro economic: Managerial economics has component of Micro economics.a. It is related with the internal factors of organization. Internal factor of the organisations are demand of the products, purchasing the raw materials, How to use the resource to get maximum profits. These are related with micro component of M.E.
- Managerial economic has components of macro economic: Managerial economic has a component of macro economic which is related with the out side of the organisation or a external factor of the organisation. External factor of the organisation are competition market, nature of business, Government rules and regulations, industrial law, Industrial Policies, Taxes these are the External factor of the organisation and these types of problems solved by the managerial economics.
- Managerial economic is dynamic in nature: Managerial economics is dynamic in nature that means managerial economics is used all space of the organisation and all except of the organisation. By the tools and technique of managerial economic to give the relevant information and to solve the problem of the organisations So, Managerial economic is dynamic in nature.
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