What is business economics in simple words

So, Business Economics deals with the operation of a consumer, a corporation which involves the determination of a price of a product, revenue, costs, profit levels etc.
Professors H.C.
Peterson and W.C.
Lewis suggested that Business Economics must be considered as a part of applied microeconomics.

The scope of business economics is quite wide.
Business economics involves the application of various economic tools, theories, and methodologies for analyzing solving different business problems.
There are two categories of business issues to which economic theories can be directly applied, namely:.

In contrast, business is defined as the organization being engaged in commercial, industrial, or professional activities

Coming to the introduction to Business Economics, it is the field of economics that deals with the studies of financial, organizational, market-related, and environmental issues that corporations face

The introduction to Business Economics is the integration of two major concepts: Managerial or Business Economics is the branch that deals with the organization and allocation of a firm’s scarce resources to achieve its desired goals

Business Economics, thus, interconnects economic principles and business