Business Economics Notes

Business Economics - Introduction to Business Economics, Demand Function, Demand Forecasting, Production Function Concepts & Theories, Theory of Costs, Market Structure, and Factor Pricing.Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making; and business economics serves as a bridge between economic theory and decision-making in the context of business. Economic theories, economic principles, economic laws, economic equations, and economic concepts are used for decision making. On this ground students of commerce should know the importance of basic theories in actual business application. Hence the introduction of Business Economics becomes important to the students.

Sr. No.
Units
Topics
1.
Introduction to Business Economics
2.
Demand Function
  • Introduction to Demand Function
  • Objectives of Demand Function
  • Meaning of Demand Function
  • Law of Demand
  • Exceptions of Demand Functions
  • Types of Goods
  • Elasticity of Demand
  • Measurement of Elasticity of Demand
  • Income Elasticity of Demand
  • Cross Elasticity of demand
3.
Demand Forecasting
  • Introduction to Demand Forecasting
  • Objectives of Demand Forecasting
  • Meaning of Demand Forecasting
  • Definitions of Demand Forecasting
  • Kinds of Demand Forecasting
  • Features of Scientific Demand Forecast
  • Methods of Demand Forecasting
  • Importance of Demand Forecasting
4.
Production Function Concepts & Theories
  • Introduction to Production Function
  • Objectives of Production Function
  • Meaning of Production Function
  • Concepts of Production Function
  • Theories of Production Function
  • Law of Variable Production
  • Law of Returns to Scale
  • Economies & Dis-economies to Scale
5.
Theory of Costs
  • Meaning of Cost
  • Short Run Cost Curves 
  • Long Run Cost Curves
  • Traditional & Modern Approaches
6.
Market Structures
  • Market Structures & Business Decisions
  • Perfect Competition
  • Monopoly
  • Monopolistic Competition
  • Oligopoly
7.
Factor Pricing
  • Demand for Factors
  • Nature of Supply of Factor Inputs
  • Marginal Productivity Theory
  • Determination of Wage Rates
  • Concept and Theories of Rent
  • Concept and Theories of Interest
  • Concept and Theories of Profit
...

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