Distinguish between microeconomics, macroeconomics, and managerial economics

Microeconomics is the study of the choices made by individuals and firms regarding the use of resources and participation in markets. Theories such as the Law of Marginal Utility, the Laws of Supply and Demand, and the Law of Diminishing Marginal Returns are studied and help explain individuals' and firms' behavior.

Macroeconomics is the study of economics on a larger scale, such as the economy of a country. Interest rates, the money supply, unemployment, GDP, inflation, and recessions are parts of macroeconomics study.

Managerial Economics is the use of economic theories to solve practical problems faced by a business firm. Economies of scale, profit maximization, inventory control, and elasticity are topics discussed in managerial economics. The goal is to improve the decision making of business managers.