Business and the World Essay

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Subject matter[edit] Business Economics is concerned with economic issues and problems related to business organization, management, and strategy. Issues and problems include: 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 the employees, the providers of capital, the customers, the government; the interactions between firms and the business environment.[1] Ambiguity in the use of term[edit] The term 'Business Economics' is used in a variety of ways. Sometimes it is used as synonymously with industrial economics/industrial organisation, managerial economics, and economics for business. Still, there may be substantial differences in the usage of 'economics for business' and 'managerial economics' with the latter used more narrowly. 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. Economics for business looks at the major principles of economics but focuses on applying these economic principles to the real world of business.[3] Managerial economics is the application of economic methods in the managerial decision-making process.[4] Interpretations from various universities[edit] Many universities offer courses in Business Economics and offer a range of interpretations as to the meaning of the term.[5] The program at Harvard University uses economic methods to analyze practical aspects of business, including business administration, management, and related fields of business economics.[6] The University of Miami defines Business Economics as involving the study of how we use our resources for the production,

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