Essay Modern Business Economics

Submitted By DTaylor6749Stude
Words: 494
Pages: 2

Modern Business economics Business Economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs."
Subject matter
Business Economics is concerned with economic issues and problems related to business organization, management, and strategy. Issues and problems include: an explanation of why firms emerge and exist; why they expand: horizontally, vertically and spacially; the role of entrepreneurs and entrepreneurship; the significance of organizational structure; the relationship of firms with the employees, the providers of capital, the customers, the government; the interactions between firms and the business environment. Managerial economics is the application of economic methods in the managerial decision-making process.
Interpretations from various universities
Many universities offer courses in Business Economics and offer a range of interpretations as to the meaning of the term.
The Bachelors' of Business Economics Program at University of Delhi is designed to meet the growing need for an analytical and quantitative approach to problem solving in the changing corporate world by the application of the latest techniques evolved in the fields of Economics and Business.
The program at Harvard University uses economic methods to analyze practical aspects of business, including business administration, management, and related fields of business economics.
The University of Miami defines Business Economics as involving the study of how we use our resources for the production, distribution, and consumption of goods and services. This requires business economists to analyze social institutions, banks, the stock market, the government and their relationships with labor negotiations, taxes, international trade, and urban and environmental issues.
Courses at the University of Manchester interpret Business Economics to be concerned with the economic…