Defining ‘Business Economics’
Business economics is best described as the field of applied economics that is primarily devoted to studying the organizational, financial, market-related and environmental challenges that corporations face. Business decisions are made by effectively utilizing economic theory and quantitative methodology. Subjects such as business organization, management, expansion, and market strategy are all analyzed in Business economics. Studies might include how and why a company would expand, the impact of entrepreneurs, the interactions among individual corporations and the effect of governmental regulation.
‘Business Economics’ Broken Down
Economics refers to the study of the components and functions of a particular marketplace or economy, such as the impact of the concept of scarcity, and supply and demand. Other important subjects of study within an economy are production factors, distribution methods, and consumption. Continue reading