Question

Define Economics. Explain nature and importance of Economics in business decision making.

Answer 1

ECONOMICS IS THE BRANCH OF SOCIAL SCIENCE IN WHICH WE STUDY ABOUT THE ECONOMICAL SITUATION OF OUR INDIA.

Answer 2

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Economics is a social science concerned with the production, distribution, and consumption of goods and services.

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The application of economic theory through statistical methods helps businesses make decisions and determine strategy on pricing, operations, risk, investments and production. The overall role of managerial economics is to increase the efficiency of decision making in businesses to increase profit.

Decision making means the process of selecting one out of two or more alternative courses of action. ... Business economic meets these needs of the business firm.