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For the successful handling of these activities certain laws and rules are
formulated which are known as various theories of economics.
Use of these rules & tools provided for analysing business conditions and
applying them for arriving at various economic decision is known as
business economics.
MicroEconomics & MacroEconomics
Microeconomics Macroeconomics
Derived from the greek word mikros Derived from the greek word makros
meaning “Small”. meaning “Large”
8) Minimizing Uncertainties:
4) Pricing Policies and Practices: Deciding the price is one of the important
subject of business economics. The success of a firm depends upon
decisions regarding prices.
Scope of Business Economics
The main focus of study in business Under economics all the distribution
economics is profit theory. theories like rent, wages and interest
are studied along with the theory of
profit.
Business Economics Vs Economics