Business Economics

Business Economics

Business Economics is perhaps a new subject which has emerged in 1951, with the publication of 'Managerial Economics' by Joel Dean to bridge the gap between the theory and practice of economics. It consists of two words 'Business' and 'Economics'.

• According Joel Dean, ''The purpose of  business economics is to show how economic analysis can be used in formulating business policies.''      

DEFINITION OF 'BUSINESS ECONOMICS'

The study of the financial issues and challenges faced by corporations. Business economics is a field in economics that deals with issues such as business organization, management, expansion and strategy. Studies might include how and why corporations expand, the impact of entrepreneurs, the interactions between corporations and the role of governments in regulation.

1. Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour , capital and product markets.