subject: is business economics act as ingredient of management? [print this page] when we talk about the business economics,it stands for decision process,decisionmodel and decision variables at the firm level.but it also involves a good management.if there is no good management,the decision process cannot be effective.the firm is viewed as a micro-economics unit located within an industry which exists in the context of a given socia-economics environment of business.but this arises a question that whether the business economics act as ingredient of management or not for this question mixture of both is one solution.the word 'business'means complexity of activities.there are so many activities done in business.in business,there are so many fluctuations.so,business economics deals with these problems or situations as well as their solutions.but these solutions can be made only with the help of a effective and positive management.a business manager's task is made difficult by uncertainity which surrounds business decision making.so manager remains careful about uncertainity regarding to his plans.economics tells him what to do,when to do,how to do etc.if a business has a able manager,the business will be run smoothly.there is scarcity of factors required for business.a manager should choose correct and right factor suitable for business.he does so with the economics.so business economics and management work together simultaneously.they depend upon each other.business economics is essential for a good management decisions,it can not be avoided at any cost.a business manager can prepares the best possible plans for the future depending on past experience and he does so through the business economics.
is business economics act as ingredient of management?
By: kulwinder kaur
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