The Importance of Managerial Economics to Nation's Development
economics for nation s development Managerial Economics is very important to nation s development in the sense that the knowledge of economics must be applied in all facet of the nation s activities , e .g . in decision making Economics is a social science and it is important in our social life , political life , economic life and daily life . It is based on the pillar of a country , how a country is progressing in the economic field . how its people is growing in the economic field and development of the nation at large One major reason why managerial
economic economics contributes immensely to national development is that it application , economic theories which is use to explain and analyse the technical condition as well as the economic environment in which business undertake influence good decision making Economic development in a community can take many forms . However , before we can discuss the process of economic development , we must first understand how economic development has been measured , particularly at the national level . It is within this framework that communities have pursued their goal of improving the local economic environment . In fact , standardized measures of economic development are being used throughout the world , not just in the Nigeria Standardized measures of economic development are used to identify the status of one 039 s country , state , or local community . We use these measures for a number of different purposes , including identifying trends and understanding patterns of economic development in communities that face different resource opportunities and constraints One of the most common methods of measuring economic growth is by calculating the gross national product of a country . Gross national product (GNP ) is the value of goods and services produced by an economy 039 s factors in a given period of time (e .g , the value of all goods...