What is Business Economics
What is Business Economics The application of economic theory and methods to business is known as business economics, or managerial economics. Making decisions is a part of business. The process of choosing one course of action from two or more alternatives is known as decision-making. The availability of basic resources like capital, land, labor, and management is constrained, and they might be put to a variety of other uses. Thus, choosing options and making decisions that will give the most effective method of achieving a desired aim, such as profit maximization, becomes the decision-making function. The CEO must pay attention to several business aspects. He might be asked to pick just one option from the many that might be presented to him. Making the best choice possible, one that advances the company's objective, would be in its best advantage. The company firm must have a logical process and the right instruments in order to formulate the business problem scientifically an...