Managerial Economics Dictionary

As this site is growing, it is getting a lot of research stuff for students as well as managers. Different managerial economics terms might have slightly or entirely different meanings in different circumstances and environments. Here you shall find list of the terms which are defined on different pages of this website.

Managerial Economics

A set of 11 different definitions of Managerial Economics. You can with any of them including Mansfield, Spencer and Siegelman, Henry and Hayne or E.J.Douglas.

Applied Economics

A set of 11 definitions of the applied economics to clarify differences between managerial economics and applied one.

Law of Demand

Is law of demand a law? An interesting discussion with definition.

Elasticity of demand and supply

Different economists designed different definitions of elasticities in economics. You can find a number of terms like elasticity of demand, elasticity of supply, price elasticity, income elasticity, cross elasticity and then different shades under each of them. Instead of making things complicated, let’s go to a comparatively comprehensive definition of elasticity.


We go to nearby market everyday to purchase our grocery, clothes, shoes etc. But there have been different definitions of market in different environments. Know them

Market Structure

Not all markets have the same market structures. They have different meanings in economics, micro economics and marketing. Read them

Marketing Market Structure

Some economists say that there is no real market structure. But this can be true for any market structure in economics, microeconomics or managerial economics. Read Some definitions of the marketing market structures.

Oligopoly & Duopoly

“A market structure characterized by few sellers and interdependent price/output decisions” -McGraw Hill


The oligopoly market structure in which there are only two competing firms is known as Duopoly.


Price Floor

Price floor is the minimum price of a commodity that governments announce and ensure to be implemented above the market price equilibrium. Such product can’t be sold below that price.

Production Possibility Frontier

“Production possibility frontier is the graph which indicates the various production possibilities of two commodities when resources are fixed. The production of one commodity can only be increased by sacrificing the production of the other commodity. It is also called the production possibility curve or product transformation curve” –The Economic Times

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Game Theory

“Set of concepts aimed at decision making in situations of competition and conflict (as well as of cooperation and interdependence) under specified rules” –

More Definition