Business Economics
Business Economics consists of that part of economic theory which helps thebusiness manager to take rational decisions.
Economic theories help to analyze thepractical problems faced by a business firm.
Business Economics integrateseconomic theory with business practice.
It is a special branch of economics thatbridges the gap between abstract theory.
Micro and Macro Economics
Microeconomics is the study of particular markets, and segments of the economy.
It looks at issues such as consumer behavior, individual labor markets, and the theory of firms. Macro economics is the study of the whole economy.
It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.
Micro economics is concerne.
Objectives of Business Economics
Business economics provides such tools necessary for business decisions.
Businesseconomics answers the five fundamental problems of decision making.
Theseproblems are: (a) What should be the product mix? (b) Which is the least cost production technique and input mix? (c) What should be the level of output and price of the product? 1.
To help in for.
Scope (Nature) of Business Economics
Business economics is a developing science.
Its scope is gradually increasing inthe modernized world.
It covers the following areas 1.
Demand analysis and forecasting: The foremost aspect regarding scope is demand analysis and forecasting.
A business firm is an economic unit which transforms productive resources into saleable goods.
Since all outpu.
Syllabus - Business Economics
Unit I: Introduction–Basic concepts, Economic rationale of optimization, Natureand scope of business economics, Macro and Micro economics, Basic problems ofan economy, Marginalism, Equimarginalism, Opportunity cost principle,Discounting principle, Risk and uncertainty.
Externality and trade-off, Constrainedand unconstrained optimization, Economics .
What are the 5 types of Economics?
MicroVs.
Macro Economics.
Opportunity Costs, Time Value of Money, Marginalism,Incrementalism, Market Equilibrium and Forces, Risk, Return and Profits.
Meaning and Definitions of Business EconomicsDEFINING ECONOMICSEconomics is a social science.
