Course description

Business Economics is the study of how economic principles and methodologies are applied to business decision-making. It focuses on understanding market dynamics, demand and supply, cost analysis, and pricing strategies to optimize resource allocation. The field bridges economic theory with real-world business practices, helping organizations adapt to changing economic environments. Key areas include production economics, financial analysis, and strategic planning. Business Economics is essential for achieving organizational efficiency and long-term profitability.

What will i learn?

• Ability to acquire the conceptual and theoretical knowledge of microeconomics and macroeconomics which is relevant for evaluating economic behavior of an individual and national income. Understand interdependency circular flow of income. Understand the past, present economic conditions of the country.
• Demonstrate the use of microeconomic and macroeconomics concepts like utility satisfying and maximizing traits of consumers, demand forecasting for price fixing and opportunity cost in strategic planning at micro level and saving, investment , GDP at macro level; Analyse the causes and effects of changes in real GDP; Forecast the future course of changes and development through their knowledge of policies and programs set by the governments and other development agencies; Develop an economic perspective of business problems being a leader in future in digital economy.
• Evaluate and compare the various types of market structures and use them when planning price policy of firm and industry and communicate ideas with the policy maker
• Understand and appreciate the production dynamics – including cost, revenue and profit considerations and according frame policy to remove disequilibrium in market structure. Identify the process of how the nation’s output of goods and services is measured through the national income
• Learn the optimization functions for both consumer and producer equilibrium; Ability to understand about how to make sustainable economic growth of a nation.