Importance of Business Economics
Adam Smith the father of the modern economics stated that economy is the study of wealth because according to him wealth is the important thing which is required to do everything. Economics study how the wealth is produced and consumed it is also known as wealth definition by Adam Smith. But later on the new economist criticize this statement and according to them the man who consume the wealth is more important than the wealth, therefore now the focus have shifted on the human behavior and how it affect the economy. Business economics is concerned with the study of how economics work? , The laws of economics, economics enquiries and different approaches of economics. There are different types of businesses are running over the world therefore the study of economics is important for the businessman it can also be recognized as Business Management + Economics. Business economics is the study where the business man uses economic tools and economic theories, concepts to take the business decisions; it helps him in understanding the behavior of his customers and the laws of demand and supply. There are some features of business economics which could help students to understand the importance of business economics-
1) Business economics means applying economic theories, concepts and principles to business activities.
2) Business economics is related to microeconomics, it is micro in nature as it mainly deal with the problems of an individual unit.
3) The macroeconomics concepts are also studies by the managers of the business, like national income, business cycles, inflation rate etc. to protect the business from any sudden change in the economy.
Business economics provides management with the strategic planning tool which are very helpful to the business, thus the study of business economics as a area of study is very important.
Difficulties faced by a student while solving Business economics problem
Business economics is a subject which uses economic theories to make profit where the profit maximization is the only aim of the business. The problems faced by the students while dealing with business economics that it's an applied economics which means it is applying the concept of economics into business. Its involve studying a lot of theories as it contains lot of economics theories therefore for a student who had a difficult time in understanding the economic theories would also face difficulties in business economics.
Another important problem faced by the student is that business economics is the study of an individual unit who's main aim to earn profit, the businessman is applying all the concepts to spread the business minimize the cost and increase the revenues. It completely ignore the importance of importance or the study of society which sometimes contradicts with the theories of social economics, therefore any students who is studying both the subject will have problems in understanding which economic theories are more important.
Few important tips to solve problems of Business economics
Business economics is related to microeconomics therefore the first tip to the student is to brush up your microeconomics concept before studying business economics. Business economics is mainly a theoretical subject which involves a lot of reading therefore the students need to read more about the business. Another tip that could be beneficial for the students is to stay aware about the current economic situations and how they are going to impact the businesses, being aware means that the student could easily relate the business economics concepts to the real world reality. A student having a good knowledge of business economics can help the business to make more profit and safe from any sudden change in business cycles like recession or boom.
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