GENERAL KNOWLEDGE

Detailed explanation-1: -Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations. Business economics encompasses subjects such as the concept of scarcity, product factors, distribution, and consumption.

Detailed explanation-2: -Siegel man has defined managerial economic (or business economic) as. “the integration of economic theory with business practice for the purpose of. facilitating decision-making and forward planning by management.”

Detailed explanation-3: -Managerial economics is a subject that was first introduced by Joel Dean in 1951. This branch of economics is essentially concerned with the application of various economic concepts in decision-making. We can also look at managerial economics as economics that is applied to problem-solving at the level of the firm.

Detailed explanation-4: -According to Spencer and Siegelman, Business economics is “the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management".