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Business Economics
The analysis of economic factors affecting a business, including cost structures and market conditions.
Implications
The study of how economic principles and methodologies apply to business decision-making, including pricing, production, and market strategy.
Example
Example: A manufacturing company uses business economics to decide on the optimal pricing strategy for a new product, considering demand elasticity and production costs.
Related Terms
Different from general economics, which focuses on broader economic systems, business economics applies these principles specifically to business operations and decisions.
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