Business economics
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Business economics is a field in
Business economics is an integral part of traditional economics and is an extension of economic concepts to the real business situations. It is an applied science in the sense of a tool of managerial decision-making and forward planning by management. In other words, business economics is concerned with the application of economic theory to business management. Macroeconomic factors are at times applied in this analysis.[3] Business economics is based on microeconomics in two categories: positive and negative.
Business economics focuses on the economic issues and problems related to business organization,
Ambiguity in the use of term
The term 'business economics' is used in a variety of ways. Sometimes it is used as synonymously with industrial economics/
Business economics is actually the part of economics which can be simply regarded as the combination of economic theories and the relevant theories related to
However, Andrei[7] alludes to the fact that although economic theories could provide the theoretical perception to explain the business context, it could be still hard for managers to make an accurate business decision in the organisational management as the economic theories are built on some certain assumptions in the modelling environment, but in the practical business environment is much complex and hard to predict. The economic theory consideration does not mean the business decision will be always accurate. Hence, in the practical business environment, managers should not only consider the application of economic theories but also concern internal and external factors in the organisations before the decision making.
Interpretations from various universities
Many universities offer courses in business economics and offer a range of interpretations as to the meaning of the word.
The program at
Courses at the
Italian universities borrow their concept of business economics from the tradition of
La Trobe University of Melbourne, Australia associates business economics with the process of demand, supply and equilibrium coordinating the behaviour of individuals and businesses in the market. Also, business economics extends to government policy, economic variables and international factors which influence business and competition.
See also
- Hawley's risk theory of profit (1893)
- Industrial organisation
- Business studies
Note
- ^ a b Moschandreas, Maria (2000). Business Economics, 2nd Edition, Thompson Learning, Description and chapter-preview links.
- ^ National Association for Business Economics, Business Economics Archived November 11, 2011, at the Wayback Machine®
- ^ "Corporate Earnings Forecasts and the Macroeconomy". University of Waterloo.
- ^ Sloman, J and Sutcliffe (2004) Economics for Business, Financial Times/ Prentice Hall; 3 edition
- ^ • Jones, Trefor, 2004 Business Economics and Managerial Decision Making, Wiley. Description and chapter-preview links.
• Wilkinson, Nick (2005). Managerial Economics: A Problem-Solving Approach - ^ Machintosh, P.M. (2017). Business economics in a post-truth era, Business Economics, 52, 260-264.
- ^ Shleifer, Andrei (2000). Inefficient Market. An Introduction to Behavioral Finance. New York: Oxford University Press.
- ^ "Business Economics (BA (Hons)) (Summary of programme specification)". Archived from the original on 2011-12-11. Retrieved 2009-01-06.
- ^ "MBA (BE) - University of Delhi". du.ac.in.
- ^ UAB,UPNa, UIB - Master of Science (M.Sc.) in Management, Organization and Business Economics - MMOBE Program. Link Archived 2019-02-04 at the Wayback Machine
- ^ "Business Economics | Harvard University - The Graduate School of Arts and Sciences". gsas.harvard.edu.
- ^ "Miami University: Majors: Business Economics". Archived from the original on 2009-07-25. Retrieved 2009-01-06.
- ^ "Undergraduate course modules (School of Social Sciences - the University of Manchester)". Archived from the original on 2008-12-24. Retrieved 2009-01-13.
- ^ "Programma Dettagliato". www11.ceda.polimi.it.
External links
- National Association for Business Economics (NABE, United States): Homepage Archived 2020-12-19 at the Wayback Machine
- Canadian Association for Business Economics (CABE)
- Australian Business Economists