{"id":3085,"date":"2021-07-03T11:55:30","date_gmt":"2021-07-03T06:25:30","guid":{"rendered":"https:\/\/www.goseeko.com\/blog\/?p=3085"},"modified":"2021-10-30T07:39:56","modified_gmt":"2021-10-30T07:39:56","slug":"what-is-business-economics","status":"publish","type":"post","link":"https:\/\/www.goseeko.com\/blog\/what-is-business-economics\/","title":{"rendered":"What is Business Economics?"},"content":{"rendered":"\n<p>Business Economics is the application of economic theory and methodology to business. Business involves decision-making. Firstly, Decision making means the process of selecting one out of two or more alternative courses of action. However the decision-making function becomes one of making choice and taking decisions that will provide the most efficient means of attaining a desired end, say, profit maximization.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Definition<\/h4>\n\n\n\n<p>According to Mc Nair and Meriam, \u201cIt consists of the use of economic modes of thought to analyse business situations.\u201d<\/p>\n\n\n\n<p>According to Mansfield, \u201cIt is concerned with the application of economic concepts and economic analysis to the problem of formulating rational decision making\u201d.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Nature <\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\"><li>Microeconomics &#8211; It is microeconomic in character. In addition, it studies the problems of an individual business unit. Meanwhile it does not study the problems of the entire economy.<\/li><li>Normative science &#8211; Managerial economics is a normative science. Moreover, under particular circumstances it is concerned with what management should do. Similarly it determines the goals of the enterprise. It develops the ways to achieve these goals.<\/li><li>Pragmatic &#8211; It is pragmatic. Therefore, it concentrates on making economic theory more application-oriented. It tries to solve the managerial problems in their day-to-day functioning.<\/li><li>Prescriptive &#8211; Managerial economics is prescriptive in nature. similarly, it prescribes solutions to various business problems.<\/li><li>Uses macroeconomics &#8211; Macroeconomics is useful to business economics. However, macro-economics provides an intelligent understanding of the environment in which the business operates.<\/li><li>Management oriented &#8211; The main aim of managerial economics is to help the management in taking correct decisions and in addition preparing plans and policies for the future.<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Introduction to Supply and Demand\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/720uyg0Dd_M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Interested in learning about similar topics? Here are a few hand picked blogs for you &#8211;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.goseeko.com\/blog\/index.php\/2021\/05\/31\/what-is-demand\/\">What is Demand?<\/a><\/li><li><a href=\"https:\/\/www.goseeko.com\/blog\/what-is-law-of-marginal-diminishing-utility\">What is Law of Marginal Diminishing Utility?<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Business economic consists of the use of economic modes of thought to analyse business situations<\/p>\n","protected":false},"author":3,"featured_media":3071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-3085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commerce"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Business Economics? 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