Business Economics is normative in nature explain in simple words?
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Business Economics deals with the practical aspect of various economic theories and offers suggestive measures to implement economic principles at all levels of economic activities.Hence,it is normative in nature.
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Business Economics comprises of both the theoretical and practical components of Economics.It basically deals with various economic theories and principles of Microeconomics and Macroeconomics and their practical application in formulating business policies,decision making process and long term business planning.Since,Business Economics deals with the prescriptive and practical aspects of Economics,it is considered to be a normative discipline.It not only involves the abstract economic jargon and explanation but also guides the government and business organizations on how to implement them in the real world.
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