GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Abstract and applies the tools of Micro economics
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Involves practical application of economic theory in budiness decision making
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Incorporate tools from multiple disciplines
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(b) and (c) above.
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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.