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WUCB 160 Economic Essentials for Business

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Business economics plays a vital role in our daily economic life and business practices. Organizations face many challenges every day. For example, an organization always focuses on making the most extensive possible product in the most economical way. Business economics is a combination of economic theory and a business practice that aims to facilitate decision-making and forward-looking management planning.

Business economics, also known as management economics, is usually a combination of economic theory and business practice. Economic theory provides tools that explain various concepts such as demand, supply, cost, price, competition, etc., while business economics applies these tools to business decision making. Business economics is a field of applied economics that uses economic theories and quantitative methods to analyze business enterprises and the factors that influence organizational diversity and the relationship between enterprises and markets for labor, capital, and products.

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