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Nature and Scope of Business Economics

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Question: What do you mean by Business Economics? Also explain the nature and scope of business economics.
Answer
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.
Definition of Business Economics According to Spencer and Seigelman, “Managerial Economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.”
According to Douglas, “Managerial economics is concerned with the application of economic principles and methodologies to the decision making process within the firm or organization. It seeks to establish rules and principles to facilitate the attainmen…

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