BCA
SUBJECT: BUSINESS ECONOMICS
SUBJECT CODE: 304
DR.SHALU PORWAL
, BUSINESS
Meeting consumer demand for goods and services is the main
motivation driving most company endeavors.
In a specific meaning, "business" refers to an occupation
where people frequently engage in activities linked to the
purchase, manufacture, and/or selling of goods and services
with the aim of making profits.
The activity could include the creation or acquisition of goods
for sale, the exchange of things, or the provision of services
to meet the needs of other people.
Most companies want to make a profit, which is the difference
between their revenue (or income) and expenses (or costs).
The main motivation for corporate activities is profit.
, ECONOMICS
The term or word ‘Economics’ comes from the Ancient Greek
oikonomikos (oikos means “households”; and, Nemein or Nomos
means “management”). Thus, the term ‘Economics’ means
‘management of households’.
The subject was earlier known as ‘Political Economy’, is renamed
as ‘Economics’, in the late 19th century by Alfred Marshall.
The book named ‘An Inquiry into the Nature and Causes of the
Wealth of Nations’ (1776) usually abbreviated as ‘The Wealth of
Nations’, by Adam Smith is considered as the first modern work of
Economics.
, BUSINESS ECONOMICS
Business Economics is the fusion of economic theory and
business practice with the goal of assisting management
with decision-making and long-term planning.
It deals with the efficient allocation of resources, such as
capital, labor, and raw materials, to maximize a company's
objectives, typically profit.
The theories of Economics provide the tools, which
explain various concepts such as demand, supply, costs,
price, competition etc., Business Economics applies these
tools in the process of business decision making.
Organizations face many problems on a day to day basis.
For example, organizations are always concerned with
producing maximum output in the most economical way.
SUBJECT: BUSINESS ECONOMICS
SUBJECT CODE: 304
DR.SHALU PORWAL
, BUSINESS
Meeting consumer demand for goods and services is the main
motivation driving most company endeavors.
In a specific meaning, "business" refers to an occupation
where people frequently engage in activities linked to the
purchase, manufacture, and/or selling of goods and services
with the aim of making profits.
The activity could include the creation or acquisition of goods
for sale, the exchange of things, or the provision of services
to meet the needs of other people.
Most companies want to make a profit, which is the difference
between their revenue (or income) and expenses (or costs).
The main motivation for corporate activities is profit.
, ECONOMICS
The term or word ‘Economics’ comes from the Ancient Greek
oikonomikos (oikos means “households”; and, Nemein or Nomos
means “management”). Thus, the term ‘Economics’ means
‘management of households’.
The subject was earlier known as ‘Political Economy’, is renamed
as ‘Economics’, in the late 19th century by Alfred Marshall.
The book named ‘An Inquiry into the Nature and Causes of the
Wealth of Nations’ (1776) usually abbreviated as ‘The Wealth of
Nations’, by Adam Smith is considered as the first modern work of
Economics.
, BUSINESS ECONOMICS
Business Economics is the fusion of economic theory and
business practice with the goal of assisting management
with decision-making and long-term planning.
It deals with the efficient allocation of resources, such as
capital, labor, and raw materials, to maximize a company's
objectives, typically profit.
The theories of Economics provide the tools, which
explain various concepts such as demand, supply, costs,
price, competition etc., Business Economics applies these
tools in the process of business decision making.
Organizations face many problems on a day to day basis.
For example, organizations are always concerned with
producing maximum output in the most economical way.
