Managerial economics is a discipline that deals with the application of economics principles to decision-making in business. It involves the use of mathematical and statistical tools to analyze data and make informed decisions. The term "managerial economics" is often used interchangeably with other terms such as business economics, industrial economics, and managerial finance. Business economics refers to the application of economic principles to business decisions, while industrial economics is concerned with the behavior of firms and markets in different industries. Managerial finance deals with the financial management of a company. Despite subtle differences, these terms are all related to the application of economic principles to business decision-making.