The paper deals with determination of the economic elements of water management, which reflect the specific foundations, processes, principles and goals that are determined by the water policy. In terms of services, this represents the economic valorization of the foundations in manageable and unmanageable technical and natural systems, in which processes take place to bring water to a certain target quantity and quality, as well as provide safety against water in time and space. The use of, and protection against water, are under the pressures and influence of natural climatic and soil factors, the balance condition of surface and groundwater, and in particular human activities and demands for the characteristics of water in a water body, water area and in the river basin. These factors influence the demand for services, which also depends on the available domestic product, its volume of use, tastes and preferences. The offer consists of services for a particular quantity and quality of the available water, and for a certain degree of safety from the harmful effects of water, which are achieved by the employees of the functional facilities and systems. Together with the activities of the association, population and public services, the use of, and protection against water make up the totality of water management. It requires a decision process in all of the functions involved in planning, organization, management and control. Water management is identified with the water policy and activity, although there is a difference between them. The first is represented by a decision-making system in planning, organization, management and control, while the second is represented by the activity systems of government in the field of protection against water, as well as the protection and use of water. The activity consist of certain services which are performed by the employees of the companies, through the provision and performance of water management services in various time and space, in accordance with the offer and the demands of the users.