Business Economics

Business economics is the learning of the financial matters and encounters faced by firms operating in a definite market or economy. Business economics deals with matters such as business organization, management, development and tactic.


Business Economics Notes

Perfect competition (also called pure competition) is a market configuration in which  large number of members sell and buy homogeneous products,  there are no hurdles to entry,  an individual firm has no control over the price, and  there is no non-price competition (for example public... read more

business economics

August 17, 2017

Utility is a word used by economists to define the measurement of "helpfulness" that a customer obtains from any good. Utility may measure how much one likes a movie, or the sense of safety one grows from purchasing a deadbolt. The utility of anything or condition can be measured. Some examples contain the... read more

business economics

August 17, 2017

Utility is the fulfillment that a person originates from the consumption of a good or service.  Total utility is the total gratification received from consuming a given total amount of a good or service, while Marginal Utility is the gratification gained from consuming another amount of a good or ... read more

business economics

August 17, 2017

There are four important properties of Indifference Curve; Property I: Indifference curves slope downward:- This property suggests that an indifference curve has a negative drop. This property follows from supposition I. Indifference curve existence downward sloping means that when the amount of one good in t... read more

business economics

August 16, 2017

An indifference curve attaches points on a graph demonstrating different measures of two goods, points among which a customer is indifferent. That is, the customer has no preference for one mixture or package of goods over a different mixture on the similar curve. One can also mention to every po... read more

business economics

July 29, 2017

Law of supply depends upon prices because the quantity of goods supplied rises as market price rises, as the prices falls the quantity of goods supplied falls. There is direct relationship between quantity supply and prices. On the other hand, law of demand says that quantity of goods demand rises as price falls and the ... read more

business economics

July 17, 2017

Human wants are unlimited and the resources to satisfy them are scarce and are of alternative uses; therefore, human behavior takes the form of choosing.  This give rise to the problem of how it uses scarce resources of alternative uses to attain maximum satisfaction.  This is generally termed as economic probl... read more

business economics

May 05, 2017

It involves generalization of observation.  It is also called experimental, statistical, historical and posterion method.  In this, we move from “particular to General”. The hypotheses set in an inductive logic are also subject to future enquiry and tests.  If not found empirically correct, it can be ... read more

business economics

May 05, 2017

It is also known as abstract, axiomatic, a priori analytical.  The economist begins from the principle which are accepted as self-evident or proved proposition and then draws conclusion as consequences of these principles through the process of valid resourcing moves from “General to Particular”. Deductive logi... read more

business economics

May 05, 2017

Following are the list of responsibilities for Business Economist. Maintain reasonable profit, Successful forecasting, Awareness and co-ordination, SWOT Analysis, Establish himself in strategic position, Contact with sources and specialists of information. ... read more

business economics

May 04, 2017

Scope of business economics is:Demand analysis and forecasting, Political planning and management, Cost analysis, Pricing policies and practices, Profit management, Capital management, Decision theory under uncertainty, Sales promotion & strategy. ... read more

business economics

May 04, 2017

Following are the importance or significance of business economics:Helpful in organizing, Helpful in planning, Helpful in decision making, Helpful in coordination, Helpful in foreword plug, Helpful in cost control, Helpful in demand forecasting,  Minimizing uncertainties,Helpful in chalking out business po... read more

business economics

May 04, 2017

It is that branch of knowledge in which theories of economics analysis are used for solving business management problem and determination of business policies. Characteristics of business Economics as follows:  Micro economic in nature   Theory of firm or economics of firm Importance of macroeconomics ... read more

business economics

May 04, 2017

Economic laws are intellectual experiments carried out with the help of certain assumptions. It is a statement about the cause and effect relationship between two economic phenomena’s which can be measured by money price. ... read more

business economics

May 04, 2017

The term Micro derived from Greek word “Mikros” which means small.  It is concern with the study of individual decision units. The term macro has been derived from Greek word “Makros” which means large.  It is that branch of economics analysis which studies the behavior of not one unit, but of all units combin... read more

business economics

May 04, 2017

It deals with thing as they “ought to be”.  It has no objection to discussion the moral rightness or wrongness of things.  Economics is not only explaining facts as they are but also justifies them.   Positive Science deals with things as they are means “What is”.  It explains their causes and effect b... read more

business economics

May 04, 2017

The term science has been defined as the systematized body of knowledge, which traces the relationship between cause & effect.  Applying this definition to economics we find that economics is that branch of knowledge where the various facts relevant to it have been systematically collected, classified and analyzed... read more

business economics

May 04, 2017

The term economics is derived from two Greek words “OIKOS” and “NEMEIN” meaning the role or law of the household. Economics is the study of now people and society, choose to employ scarce resources with or without the use of money, that could have alternative; uses to productive; various commodities and to ... read more

business economics

May 04, 2017

Demand curve displays a graphical representation of demand schedule. It can be created by plotting price and quantity demanded on a graph. In demand curve, the price is represented on Y-axis, while the quantity demanded is represented on X-axis on graph. Definition of Demand Curve by R.G Lipsey:“The curve which ... read more

business economics

February 20, 2017

Demand schedule discusses a tabular representation of the association between price and quantity demanded. It determines the quantity of a product demanded by an individual or a cluster of individuals at specified price and time. Demand schedule can further have categorized into two types;These two types of demand sche... read more

business economics

February 19, 2017

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