Business Economics : The Gap Between Abstract Theory And Business Practice Essay

1275 WordsOct 16, 20166 Pages
RESEARCH ASSIGNMENT Assignment 1:- “ Business economics which is the gap between abstract theory and business practice. It uses tools of economic analysis in classifying problems, in organizing and evaluating information and in comparing alternative courses of action.”Outline the nature and scope of business economics in the light of this statement. INTRODUCTION Every field of study has its own language and its own tactics. Just as accounts deals with profit & loss, income statement and mathematics deals with algebra etc. Economics is also not different it has its own way of thinking and language. Like we go to restaurant to eat and attend school to gain knowledge. In nutshell every activity is conducted for a specific purpose or reason. Economics enable us to see through the eyes of an economist and enable us to understand every single different aspect of the economy. The scope of economics is way to vast some major branches are as follow: • Development Economics • Monetary Economics • Labour economics • International Economics • Agriculture Economics • Managerial Economics BUSINESS ECONOMICS (MANAGERIAL ECONOMICS) According to Davis and Chang “Managerial Economics applied the principles and methods of economics to analyse problems faced by management of a business, or other types of organization and to help find the solutions that advance the best interest of
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