Business economics, also called Managerial Economics as a field in applied economics uses

economic theory and quantitative methods to analyze business enterprises and the factors
contributing to the diversity of organizational structures and the relationships of organizations
with labour, Capital, land ,taxes international trade and product markets. Business economics
encompasses subjects such as the concept of scarcity, product factors, distribution, and
consumption. Managerial Economics consists of that part of economic theory which helps the
business manager to take decisions. Business involves decision-making. Decision making means
the process of selecting one out of two or more alternative courses of action.

In simple words, business economics is the discipline which helps a business manager in
decision making for achieving the desired results. In other words, it deals with the application of
economic theory to business management.

According to Spencer and Siegelman, Business economics is “the integration of economic theory
with business practice for the purpose of facilitating decision-making and forward planning by
management”.

According to Mc Nair and Meriam, “Business economics deals with the use of economic modes
of thought to analyses business situation”.

https://www.investopedia.com/terms/b/business-economics.asp#:~:text=Key%20Takeaways-,Business
%20economics%20is%20a%20field%20of%20applied%20economics%20that%20studies,factors%2C
%20distribution%2C%20and%20consumption.

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