Principles Of Business Economics

The application of the economic theory and methods to business is referred to as managerial economics, and that is precisely what is covered in this book. Business economics is also known as Managerial Economics. Making decisions is an essential part of running a business. The process of selecting one course of action from among two or more potential alternatives is referred to as decision making. The availability of finite fundamental resources, like as money, land, labour, and management, which are capable of being put to a variety of different purposes, gives rise to the problem of choice. The book emphasises that business economics is a subfield of applied economics that investigates the financial, organisational, market-related, and environmental concerns that are confronted by firms. And spans a wide range of topics, including the idea of scarcity as well as product factors, distribution, and consumption.