Business economics

Business economics is that part of economic theory which focuses on business enterprises and inquires into the factors contributing to the diversity of organizational structures and to the relationships of firms with labour, capital and product markets. Business Economics is concerned with economic issues and problems related to business organization, management and strategy. Issues and problems such as the following:
• 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 employees, the employees, the providers of capital, the customers, the government
• the interactions between firms and the business environment.

The term Business Economics is used in a variety of ways. Sometimes it used as synonymously with - Industrial Economics - Industrial Organisation - Managerial Economics - Economics for Business. Industrial Economics is the mostly closely over-lapping of these terms whilst there may be more substantial differences with Economics for Business and Managerial Economics. One view of the distinctions between these would be that Business Economics is wider in its scope than Industrial Economics in that it would be concerned not only with "Industry" but also businesses in the service sector and that it also takes seriously the insights of the "business strategy" literature. Economics for business looks at the major principles of economics but focuses on applying these economic principles to the real world of business. Managerial economics is the application of economic methods in the managerial decision-making process.

Many universities offer courses in Business Economics and offer a range of interpretations as to the meaning of Business Economics. The University of East London defines the subject matter of its degree as looking at the application of economic theory to business activities and organizations arguing that "In general terms, Business Economics deals with issues such as: the ways markets work; what firms do, what their motives are, how they perform; and the role of government in regulating business activity". The program at Harvard University uses economic methods to analyze practical aspects of business, including business administration, management, and related fields of 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 they look at problems connected with labour negotiations, taxes, international trade, and urban and environmental issues. Courses at the University of Manchester interpret Business Economics to be concerned with the economic analysis of how businesses contribute to welfare of society rather than on the welfare of an individual or a business. This is done via an examination of the relationship between ownership, control and firm objectives; theories of the growth of the firm; the behavioural theory of the firm; theories of entrepreneurship; the factors that influence the structure, conduct and performance of business at the industry level.
Resumed from Wikipedia.

Comments

Post a Comment

Popular posts from this blog

Slow economic growth, Debilitated Following stock market

Index at stock Wall Street really experience correction in four days lasts along with descent of trade goods and low price its manufacturing amount ordered. Added again economy data gives to usufruct that adverse and it gives negative sentiment for index, also marks sense negative sentiment concerning economic recovering dread China to credit growth rate. That China's stage at negative response a number investor, so stock price sector enough corrected trade goods deep. China all this time have become greatest thruster for partly economic recovering effort global. Investors starts to find economy fact that makes worried. Oil price and fall raw material because marks sense care will slow China economic growth. That thing gets ascendant on bespoke trade goods. So too with ACE commanding announcement about supernumerary amount step-up oil. In the meantime, recent news of USA'S stock market, Rally Dow Jones's index returns to stop and is closed debilitated 39 points on trade W
Read more

History of Project Management

As a discipline, Project Management developed from different fields of application including construction, engineering and defence. In the United States, the two forefathers of project management are Henry Gantt, called the father of planning and control techniques, who is famously known for his use of the Gantt chart as a project management tool, and Henry Fayol for his creation of the 6 management functions, which form the basis for the body of knowledge associated with project and program management. Both Gantt and Fayol were known as being associates of Frederick Winslow Taylor's theories of scientific management, and for his study of the work and management of Navy ship building. His work is the forerunner to many modern project management tools including the work breakdown structure (WBS) and resource allocations. The 1950s marked the beginning of the modern Project Management era. Again, in the United States, prior to the 1950s, projects were managed on an ad hoc basis using
Read more

LEADERSHIP FOR A MANAGER

PROBABILITY THEORY Predicting more complex leadership success instead of draws out severally characteristic or preferred behavior. Failing to get consistent result push attention on affecting situation. To say that leadership effectiveness hinges on situation is other instead of can segregate that condition. By dozens studies that tries choose factor is of important situation who regard leadership effectiveness. Severally approaching to sort situation's key variable evident more successful instead of the other approaching, and its result have gotten wider confession. That approaching for example: Fiedler's model, situation Hersey's theory and Blanchard, member chief interchange theory, intent band model and model chief participation. In this paper will work through probability theory fiedler's model. Fiedler's Model probability theory Good leader, participative, and gets consideration not eternally constitute best boss, sometimes exists exemption. Model that help t
Read more