How a business can be studied from a different perspective?
This will help you in future.
In Chapter-1 we also saw that how a business may be studied from a technical (Production/Operations), commercial (marketing), economic (financial), social (HR) and political (Legal and Administration) perspectives.
Each of these perspectives may be regarded as different windows of the same room.
Introduction to Business Economics
As the name suggests, herein a student would familiarize himself with the eclectic economic world wherein he would learn the true Meaning, Nature and Scope of Business Economics accompanied with Basic Problems of an Economy wherein a student would then study about the Capitalist, Socialist and the Mixed Economy.
Price Determination in Different Markets
Herein a student would study about the Meaning and Various Kinds of Markets, its Market Structure, Fundamentals of Total Revenue, Marginal Revenue and Average Revenue, Determination of Prices in case of Changes in Demand and Supply, Perfect Competition, Monopoly, Monopolistic Competition and about Oligopoly.
Theory of Demand and Supply
In this chapter, a student dive into the eclectic world of Demand and Supply and would study topics such as Law of Demand and Supply, Expansion and Contraction of Demand and Supply, Shift in Demand and Supply Curve that indicates increase/ decrease of Demand and Supply respectively.
Also a student would learn about the concept of Elasticity, Nature.
Theory of Production and Cost
Significance of Production and Cost, Factors of Production, Production Function, Production Optimisation, Concept of Cost, Cost Function, Short Run Total Costs, Long Run Average Cost Curve and lastly Economies and Diseconomies of Scale are topics covered in this chapter.
What do you learn in Business Economics?
As the name suggests, herein a student would familiarize himself with the eclectic economic world wherein he would learn the true Meaning, Nature and Scope of Business Economics accompanied with Basic Problems of an Economy wherein a student would then study about the Capitalist, Socialist and the Mixed Economy. 2.
Theory of Demand and Supply .
What is commercial knowledge?
Let’s begin! Any business plan or model is built on the foundation of commercial knowledge.
In fact, commercial knowledge is a basic amenity for any kind of business structure.
Be it a business organisation or any other economic activity, everything revolves around the understanding of commercial knowledge.
What is the objective of a firm in economics?
In economics, objective of the firm is set as maximisation of profits.
Profits are the income of business, just as wages & salaries are of labour; rent is the income from the land; and interest, the income from investment.
It is the residue occurring to the business owners after all other factors of production have been paid off.
