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Note for BUSINESS ECONOMICS - BS by Ravichandran Rao

  • Business Economics - BS
  • Note
  • APJ Abdul Kalam Technological University - KTU
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Business Economics Module 1

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Economics • Economics originated from the Greek word ‘IOKONOMIA’ which means Household Management • Adam Smith ( Father of Economics) > 1776 > ‘Wealth of Nations’ • Economics studies how the society and individuals use the limited resources to satisfy the unlimited wants.

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Business Economics Definition • BE is the branch of analysis which employs the application of economic concepts, methods and theories to solve the practical problems faced by a business firm and to formulate rational business decision.

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Role / Significance / Scope / Relevance of Business Economics • • • • • • • • • Estimation of Product Demand Forecasting Future Demand Deciding the Input combinations Estimation of Cost of the product Determination of Price of product Analyze Market structures Profit Estimation and Planning Expenditure estimation Output estimation and Cost reduction

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