For any business to truly gain a competitive edge, integrating managerial economics into its decision-making process is essential. Managerial economics, according to Mark Hirschey and Eric Bentzen, is the study of how economic forces affect organizations and how their leaders can use economic principles to achieve optimal outcomes. Found everywhere from large corporations to nonprofits, in all sectors of the economy, this concept is a profoundly useful tool that helps leaders make sound business decisions.
In its decision-making process for any business to get a real competitive edge management is essential to the economics of integration. Management and Economics, Mark Hirschey, forces organizations to achieve the best results and how their leaders affect the business, according to Eric Bentzen how you can use to study the principles of business.