Question

Discuss the characteristics of Business Economics.​

Answer 1

Answer:

Here is your answer :-

Explanation:

Followig are the main characteristic features of Business Economics which consitute the nature and subject matter. 1) Business Economics means the application of economic concepts, theories and principles to the business activities. 2) Business Economics is related with the micro-economics. It is micro in nature.

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Answer 2

Business Economics is a section of Economics which essentially advocates various methods and processes to apply economic theories and principles in the decision making process of a business organization or firm with regards to various aspects of business operation.

Explanation:

Important characteristics of Business Economics:-

1. Business Economics basically assists in the decision making process of firms or companies pertaining to various operational aspects.
2. It mainly deals with microeconomic components such as comoodity pricing,consumer demand,profit maximization,cost minimization,revenue expansion and so forth.Hence,the subject matter of Business Economics is predominantly microeconomic in nature.
3. Business Economics is mainly concerned about finding optimal solutions to business problems such as profit maximization,cost minimization or revenue expansion.It guides the firm to find the best solution possible under the given circumstances.
4. Business Economics is normative in nature in a sense,that it mainly deals with the practicability or application of economic theories and concepts in real world rather than emphasizing only on theoretical abstraction.
5. Business Economics predominantly focuses on the operational aspects of business and business environment which would lead to the economic success of any firm or company.