Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations. Business economics encompasses subjects such as the concept of scarcity, product factors, distribution, and consumption. economics refers to the study of the components and functions of a particular marketplace or economy—such as supply and demand—and the impact of the concept of scarcity. Business economics focuses on the elements and factors within business operations and how they relate to the economy as a whole. The field of business economics addresses economic principles, strategies, standard business practices, the acquisition of necessary capital, profit generation, the efficiency of production, and overall management strategy. Business economics also includes the study of external economic factors and their influence on business decisions such as a change in industry regulation or a sudden price shift in raw materials.

Payal Jain

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