MANAGERIAL ECONOMICS FOR ENGINEER'S

At the end of the reading this Book the reader will be able to understand that economics is the study of mankind’s attempt to satisfy their unlimited wants with the help of limited resources. Economics maybe divided in to 1) Micro Economics and 2) Macro Economics 3) Monitory Economics and 4) Fiscal Economics. Micro economics deals with the basic principles of economics like law of demand law of supply consumption production etc. Managerial economics deals with the principles of micro economics as applied to managerial decision making. The reader may also be able understand the circle flow of economic activity. The circle flow is a chain in which production creates income income leads to spending and spending in turn leads to production activity.