- 1.1.
- MEANING Business Economics is also called as Managerial Economics.
It involves application of economic theory and practice to business.
In business, decision making is very important.
Decision making is a process of selecting one course of action out of available alternatives.
What is business economics according to fybcom?
1.1.
- MEANING Business Economics is also called as Managerial Economics.
It involves application of economic theory and practice to business.
In business, decision making is very important.
Decision making is a process of selecting one course of action out of available alternatives.
.What is business economics in BCOM 1st year?
Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations.
Business economics encompasses subjects such as the concept of scarcity, product factors, distribution, and consumption..
Why is business economics important in Fybcom?
Knowledge of business economics helps manager to do production and cost analysis.
Production analysis helps to understand process of production and to make optimum utilisation of available resources.
Cost analysis on the other hand helps firm to identify various costs and plan budget accordingly..
Why is business economics important?
Generally, the nature of business economics is normative.
It provides insights into the exercise of economic concepts during decision-making, policy formation, and future planning.
Nonetheless, companies must completely understand the atmosphere for establishing decision policies..
- Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business.
Business involves decision-making.
Decision making means the process of selecting one out of two or more alternative courses of action.
