GENERAL KNOWLEDGE

GK

BUSINESS ECONOMICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Business Economics is
A
Abstract and applies the tools of Micro economics
B
Involves practical application of economic theory in budiness decision making
C
Incorporate tools from multiple disciplines
D
(b) and (c) above.
Explanation: 

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: -Business economics is based on microeconomics in two categories: positive and negative. Business economics focuses on the economic issues and problems related to business organization, management, and strategy.

Detailed explanation-3: -’ It includes the study Of profit theories and analysis of demand-supply, cost-revenue, equilibrium, production, pricing, costing, marketing, sales, profit-and capital management, business forecasting, etc. Distribution theories of rent, wage, interest, etc. have not many applications in it.

Detailed explanation-4: -There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Below, we give an explanation of each of these and how they are used in the scope of business law.

There is 1 question to complete.