In an increasingly complex and dynamic business environment, the need for sound economic principles in managerial decision-making has never been more crucial. This book, “Business Economics”, aims to bridge the gap between economic theory and practical application, providing managers and decision-makers with the tools and insights necessary to navigate the challenges of the modern marketplace.
Business economics combines economic theory with business practice to facilitate decision-making and forward planning by management. This text explores fundamental concepts such as demand analysis, production and cost functions, market structures, pricing strategies, and the role of information in decision-making. By integrating real-world examples and case studies, we illustrate how economic principles can be applied to solve practical problems.
Contents –
1. Introduction to Economics
2. Business Economics – Overview
3. Business Cycles
4. Demand Analysis
5. Elasticity of Demand
6. Demand Forecasting
7. Consumer Behaviour – I [Cardinal Approach (Utility Analysis)]
8. Consumer Behaviour – II Ordinal Utility Approach (Indifference Curve Analysis)
9. Production Analysis – I [Production Function]
10. Production Analysis – II [Economies of Scale]
11. Supply Analysis
12. Cost Analysis
13. Revenue Analysis
14. Market Structure – 1 [Perfect Competition]
15. Market Structure – 2 [Monopoly]
16. Market Structure – 3 [Monopolistic Competition]
17. Market Structure – 4 [Oligopoly and Duopoly]
18. Indian Economy
