Definition Of Business Economics Commerce Essay

Definition Of Business Economics Commerce Essay Business economics, also called Managerial Economics as a field in applied economics uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of organizations with labour, Capital ,land ,taxes international trade and product markets. Managerial Economics consists of that part of economic theory which helps the business manager to take decisions. Business involves decision-making. Decision making means the process of selecting one out of two or more alternative courses of action. Economic theories help to analyze the practical problems faced by business organizations. Business economics integrates economic theory with business practice. It is a special branch of economics that bridges the gap between economic theory and business management. It deals with the use of economic concepts and principles for decision making in a business unit. It is called Business Economics or Economics of the organizations. Every business is operated by some resources and these are limited . Business economics tells the techniques about how to utilize resources for maximum satisfaction . Both micro and macro economics tools are used in business economics . But micro economics are so related to business economics because for effective operating of business , micro economics helps to optimize demand , production and price and factor price theories. DEFINITION OF BUSINESS ECONOMICS In simple words, business economics is the discipline which helps a business manager in decision making for achieving the desired results. In other words, it deals with the application of economic theory to business management. According to Spencer and Siegelman, Business economics is the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. According to Mc Nair and Meriam, Business economics deals with the use of economic modes of thought to analyses business situation. From the above said definitions, we conclude the following objectives of business economics: 1) Explanation of nature and form of economic analysis 2) To apply economic concepts: and principles to solve business problems 3) Spell out the relationship between Managerial Economics and other disciplines outline the methodology of managerial economics. 4) To make overall development of a firm. 5) To minimize risk and uncertainty 6) To help in demand and sales forecasting. 7) To help in operation of firm by helping in planning, organizing, controlling etc. 8) To help in formulating business policies. 9) To help in profit maximization. NATURE OF BUSINESS ECONOMICS Managerial Economics and Business economics are the two terms, which, at times have been used interchangeably. However, the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. Business economic seeks to establish rules which help business organizations attain their goals, which indeed is also the essence of the word normative. However, if the firms are to establish valid decision rules, they must thoroughly understand their environment. This requires the study of positive or descriptive theory. SCOPE OF BUSINESS ECONOMICS : As regards the scope of business economics, no uniformity of views exists among various authors. However, the following aspects are said to generally fall under business economics. 1. Demand Analysis and Forecasting 2. Cost and production Analysis. 3. Pricing Decisions, policies and practices. 4. Profit Management. 5. Capital Management. 6. Inventory management 7. Linear programming and theory of games 8. Environmental issues 9. Business cycles These various aspects are also considered to be comprising the subject matter of business economic. Thus, managerial economics comprises both micro and macro-economic theories. The subject matter of managerial economics consists of all those economic concepts, theories and tools of analysis which can be used to analyze the business environment and to find out solution to practical business problems. CHARACTERISTICS OF BUSINESS ECONOMICS The following characteristics of business economics are: 1. Micro economics: Managerial economics is micro economic in character. This is so because it deals with the problems of an individual business unit. It does not study the problems of the entire economy. 2. Normative science: Managerial economics is a normative science. It is concerned with what management should do under particular circumstances. It determines the goals of the enterprise. Then it develops the ways to achieve these goals. 3. Pragmatic: Managerial economics is pragmatic. It concentrates on making economic theory more application oriented. It tries to solve the managerial problems in their day-today functioning. 4. Prescriptive: Managerial economics is prescriptive rather than descriptive. It describes solutions to various business problems. 5. Uses macro economics: Marco economics is also useful to business economics. Macro-economics provides an intelligent understanding of the environment in which the business operates. Managerial economics takes the help of macro-economics to understand the external conditions such as business cycle, national income, economic policies of Government etc. 6. Uses theory of firm: Managerial economics largely uses the body of economic concepts and principles towards solving the business problems. Managerial economics is a special branch of economics to bridge the gap between economic theory and managerial practice. 7. Management oriented: The main aim of managerial economics is to help the management in taking correct decisions and preparing plans and policies for future. Managerial economics analyses the problems and give solutions just as doctor tries to give relief to the patient. 8. Multi disciplinary: Managerial economics makes use of most modern tools of mathematics, statistics and operation research. In decision making and planning principles such accounting, finance, marketing, production and personnel etc. 9. Art and science.-Managerial economics is both a science and an art. As a science, it establishes relationship between cause and effect by collecting, classifying and analyzing the facts on the basis of certain principles. It points out to the objectives and also shows the way to attain the said objectives. SIGNIFICANCE OF BUSINESS ECONOMICS 1. Business economic is concerned with those aspects of traditional economics which are helpful for business decision making in real life. These are adapted or modified with a view to enable the manager take better decisions. 2. It also incorporates useful ideas from other disciplines such as Psychology, Sociology, Accounting. Statistics and Mathematics can be used to solve or at least throw some light upon the problems of business management. Business economics takes the help of other disciplines having a bearing on the business decisions in relation various explicit and implicit constraints subject to which resource allocation is to be optimized. 3. Business economics helps in reaching a variety of business decisions in a complicated environment. 4. Business economics makes a manager a more competent model builder. It helps him appreciate the essential relationship Characterizing a given situation. 5. At the level of the firm. Where its operations are conducted though known focus functional areas, such as finance, marketing, personnel and production, business economics serves as an integrating agent by coordinating the activities in these different areas. 6. Business economics takes cognizance of the interaction between the firm and society, and accomplishes the key role of an agent in achieving the its social and economic welfare goals. It has come to be realized that a business, apart from its obligations to shareholders, has certain social obligations. Business economics focuses attention on these social obligations as constraints subject to which business decisions are taken. It serves as an instrument in furthering the economic welfare of the society through socially oriented business decisions. USES OF BUSINESS ECONOMICS Business economics is useful because: 1) It provides tools and techniques for managerial decisions 2) It gives answers to the basic problems of business management. 3) It supplies data for analysis and forecasting. 4) It provides tools for demand forecasting and profit planning. 5) It guides the managerial economist. 6) It provides optimal Solution to Business Problems. 7) Business economics study is very helpful for effective utilization of business resources. It determines every factors price on supply and demand of such factor so, that the price becomes optimize by this supply and demand analysis. 8) Keynesian s general theory of employment tells us that full employment depends on investment and effective demand if both will increase after this employment can increase . Govt. takes steps for increasing investment in self employment schemes and try to help to sell the products after this full employment generated. Thus, Business economics offers a number of benefits to business managers. It is also useful to individuals, society and government. APPLICATIONS OF BUSINESS ECONOMICS IN MANAGEMENT The basic function of a management executive in a business organization is decision making and forward planning. Decision Making means the process of selecting one action from two or more alternative courses of action whereas forward planning means making plans for the future. The question of choice arises because resources such as capital, land, labor and management are limited and can be employed in alternative uses. The application of economics to business management or the integration of economic theory with business practice, as Spencer and Siegelman presents, the following aspects :- Reconciling traditional theoretical concepts of economics in relation to the actual business behavior and conditions. In economic theory, the technique of analysis is one of model building whereby certain assumptions are made and on that basis, conclusions as to the behavior of the firms are drowned. The assumptions, however, make the theory of the firm unrealistic since it fails to provide a satisfactory explanation of that what the firms actually do. Hence the need to reconcile the theoretical principles based on simplified assumptions with actual business practice and develops appropriate extensions and reformulation of economic theory, if necessary. Estimating economic relationships, viz., measurement of various types of elasticities of demand such as price elasticity, income elasticity, cross-elasticity, promotional elasticity, cost-output relationships, etc. The estimates of these economic relationships are to be used for purposes of forecasting. Predicting relevant economic quantities, eg., profit, demand, production, costs, pricing, capital, etc., in numerical terms together with their probabilities. As the business manager has to work in an environment of uncertainty, future is to be predicted so that in the light of the predicted estimates, decision making and forward planning may be possible. Using economic quantities in decision making and forward planning, that is, formulating business policies and, on that basis, establishing business plans for the future pertaining to profit, prices, costs, capital, etc. The nature of economic forecasting is such that it indicates the degree of probability of various possible outcomes, i.e. losses or gains as a result of following each one of the strategies available. Hence, before a business manager there exists a quantified picture indicating the number of courses open, their possible outcomes and the quantified probability of each outcome. Keeping this picture in view, he decides about the strategy to be chosen. Understanding significant external forces constituting the environment in which the business is operating and to which it must adjust, e.g., business cycles, fluctuations in national income and government policies pertaining to public finance, fiscal policy and taxation, international economics and foreign trade, monetary economics, labor relations, anti-monopoly measures, industrial licensing, price controls, etc. The business manager has to appraise the relevance and impact of these external forces in relation to the particular business unit and its business policies. CONCLUSION In business organizations and firms business economics plays a very important role .The usefulness of business economics lies in adopting the tools from economic theory, incorporating relevant ideas from other fields to take better business decisions. business economics serve as a catalytic agent in the process of decision making by different functional departments at the firmà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s level. For the organizations appropriate direction one should follow the rules of business economics. which will be helpful in organizations success.

Plato’s and Aristotle’s Views on Knowledge

Plato and Aristotle view knowledge and the process whereby it is obtained. They both point out that many epistemological concepts which they believe where knowledge comes from and what it is actually. Most of them have been astonished me in certain ways, but I found that rationalism and â€Å"wisdom consists in knowing the cause which made a material thing to be what it is† make the most sense to me regarding the nature of knowledge. As the following, we will discuss about why these two philosophical viewpoints are superior and the others are inferior. Aristotle believes that sensory perception of material objects is knowledge and he says, â€Å"Our senses begin the process of finding the answer, because they are physically close to our minds. † However, sensations and feelings are very subjective, and the results of sensation vary from person to person and even within the same person, depending on the circumstances. What to one person is cold might be warm to another, one person may be more fatigued in the afternoon than in the morning, so that his or her perceptions may temporarily less accurate. Therefore one cannot claim that sensations provide sure knowledge for human beings. | On the other hand, Aristotle sustains that the perceptions of the senses form the foundation which leads to true knowledge. The senses â€Å"give the most authoritative knowledge of particulars† (individual material objects). The senses, especially sight, â€Å"make us know and bring to light many differences between things. † The senses thus provide a foundation that will ensure that human knowledge is true or accurate. Back and forth, we have already discussed that sensations cannot provide true knowledge for humans because of subjectivity, as in this case, this is not necessarily that perceptions of senses form the foundation which leads to true knowledge for humans. Plato believes that innate knowledge of eternal Forms that exist separately from material objects is true knowledge because innate knowledge does not require that the mind interact with the external world in order to be apprehended. It is present in the mind at birth, for it is God given, and has always been resident in the mind. Nevertheless, how does one know there is a God? For all we know, the existence of god cannot be proven by scientific methods, and this is for certain. In this case, how can humans get knowledge from god or gods? Therefore, innate knowledge should not be viewed as the origin of knowledge nor to help one to obtain true knowledge. For Aristotle's substance, it states that when one knows the substance (matter and form) or essential nature of a material object, one knows the first cause that made it to be what it is. This knowledge is true wisdom and is therefore true knowledge. I felt this philosophical viewpoint when I first saw it; however, this knowledge begins in sensory perception. Stated in premise, sensations and feelings cannot assist individuals to acquire true knowledge. For this reason, I do not fall in this epistemological concept afterwards. Moreover, a syllogism also cannot help one to acquire human knowledge. To Aristotle, these universal ideas are self-evident. The mind, having received appropriate sensory input, immediately sees that they are true. Although premises are formed as the result of inductive reasoning, it is based on sensory perception. Consequently, human beings cannot acquire knowledge by a syllogism. I personally fall with rationalism and wisdom lead us to attain knowledge. Plato and Aristotle both believe that thinking, defined as true opinion supported by rational explanation is true knowledge; however, Plato is a rationalist but Aristotle is not. Plato thinks that the external world can be obtained proceeding from the inside out. Thus, the foundation of true knowledge for the rationalists is that it originates in the faculty of reason. Furthermore, reason has the capacity to discover ideas or beliefs independently of the senses. These ideas or beliefs are self-validating and therefore have the status of knowledge because the rational faculty, which has discovered them, is the most accurate of the means by which human beings obtain knowledge. In Plato's Theaetetus, he says, â€Å"Any one forms the true opinion of anything without rational explanation, you may say that his mind is truly exercised, but has no knowledge. † This is quite true that when one can state a true opinion supported by a rational explanation, one's opinion constitutes knowledge, since perceptions of senses are excluding in this case. Moreover, a rational explanation does not contain any subjectivity, it is an objective entity for humans to understand true knowledge. For this reason, I fall with rationalism and believe it is a superior philosophical viewpoint about the nature of knowledge. Aristotle sustains that wisdom consists in knowing the cause which made a material thing to be what it is. For Aristotle, wise people know more than just what something is; they also know why it is what it is, or what causes it to be what it is. People with wisdom, for instance, a master worker understand not only that fire is hot, but also know why it is hot. Those with experience only, who do not know why something works in a certain manner, cannot teach. Say physicians understand that there is a relationship between the medical condition of this class of patients and the ingredients in this particular drug. They are then motivated to learn why the drug works on these people, or what causes it to be more effective with this group of patients than with others. In achieving this knowledge, one achieves wisdom. Once the physicians found out what causes the drug works, it will increase the confidence of other physicians to use it with similar patients of their own. If they just used it because it â€Å"works,† they might be more hesitant. Knowing why it works makes them feel more certain that it will be helpful. Moreover, by understanding how the ingredients work, another researcher might find another use for the drug on a related but different medical infirmity. Thus, the ability to teach something is important to one because it implies that the person who teaches has knowledge. In these cases, I believe wisdom is the ability to teach something to someone and it also contains a path for one to acquire true knowledge, therefore, it is also a superior philosophical viewpoint for individual to understand true knowledge. In my own life, I believe that one's knowledge is taught by parents, teachers, peers, and culture, and this is the reason for humans to have education. Our knowledge is received from the earlier generation to the next generation and so on. When I was a kid, I did not know why I had acne at that time. Now I am a teen, I know that during adolescence, hormones called androgens become active and stimulate oil glands in one's skin, increasing oil production. This, in turn, clogs pores, causing pimples and blackheads. I am educated in school and I understand the causes of acne now. In this case, I have true knowledge about what acne is and the causes of it because I have the ability to teach someone about acne, and it constitutes wisdom. This example fits in Aristotle's thought which wisdom consists in knowing the cause which made a material thing to be what it is, and therefore, the origin of knowledge. On the other hand, a study states that sunlight can prevent some types of cancer because vitamin D is manufactured in the skin when it is exposed to sunlight and it is this vitamin that may have a protective effect against certain cancers by preventing the overproduction of cells. In this case, a true opinion is supported by a rational explanation, and this study can help one to acquire knowledge because the study itself is knowledge. In this essay, we have examined different epistemological concepts of Plato and Aristotle about what knowledge is and the process whereby it is obtained. Since sensations are subjective, many of their philosophical viewpoints have been objected. Rationalism and â€Å"wisdom consists in knowing the cause which made a material thing to be what it is† make the most sense to me because they are not perceived by sensations, and they can be observed in our daily lives. Those are the reasons that I found these two concepts are superior to others.

Up in Arms About Essay Topics on What Is Derivative?

Up in Arms About Essay Topics on What Is Derivative? All About Essay Topics on What Is Derivative Thus, there are various ways an essay can be written. Think about the kind of essay you're predicted to produce. English essay topics can draw on a great analogy so that readers discover that it's simple to understand a complicated subject. The subject of your essay is vital. It is intriguing to remember that Leibniz was very conscious of the value of excellent notation and place a lot of thought into the symbols he used. If you have to persuade, be certain you are moderately passionate about the matter. This are a few of the similarities which we are able to see from the equations. In these instances, it's of terrific benefit that the true formula of the Ideal PID algorithm is straightforward. Logarithmic and exponential functions are extremely helpful for many circumstances in actual life. The formulas above are essential to bear in mind. It's possible to easily understand this very straightforward notion. The process for calculating a derivative is called differentiation. Short essays are important when one is attempting to present an important topic without needing to compose lots of words or using numerous pages. If you're hunting for genuine essay writing help assistance, you have arrived at a correct location. Very good connections between arguments are many times a pitfall to writers, and by making sure very good connections are created, you can definitely strengthen your essay! Also that the functions form an extremely significant part life because they are beneficial in various scenarios. When it can seem like plenty of work to create rigorous justifications of computations that seemed to work fine in the very first location, this is a significant improvement. Also, keeping your outline around throughout the entire process will help you stay organized and assist you in making certain you don't forget anything. Commonly, the indication of a function changes after the very first derivative. Now if the purchase price of fuel falls beneath the contract level, the loss of derivatives is composed by the decrease cost of fuel they buy in a traditional way. Thus, there's the danger that their use could result in losses for which the investor wouldn't be able compensate. Instead, the new procedure's balance favouring management may be a symptom that the sum of derivative claim cases will continue being low. For instance, a learner working at a lowly level may choose to make a newsletter and a learner working at a greater level may opted to use a PowerPoint slide show. It's effectively set in the speech since it further underlines his information of the circumstance. There are many writing service companies who throw endless promises at their clients, but cannot fulfill them. Now you are aware that proposal essay has to be done employing the prescribed form. Conduct a research before you are able to even start to offer you an answer here. The Derivative Calculator has to track down these cases and place the multiplication sign. Logarithmic functions are also helpful to figure out the interests you gain in a financial institution. They are also useful to calculate the interests in a bank. Exponential functions are utilised to estimate and graph topics which have do with growth or any kind of information that deals with an increase.

An Analysis Of Whitman s The Grass Essay - 975 Words

Without individuals the concept of a community would not exist. Communities are all made up of individuals who are different in shape or form, but all have an internal force that binds them together to conform into a single homogeneous assemblage that remains able to sustain itself more suitably than the individuals alone. â€Å"Or I guess the grass is itself a child, the produced babe of the vegetation† (Page 1028). Whitman uses the term vegetation as an allusion to the community and the grass as an allusion to the individual. That is to say, Whitman states that the individual is a product, and above all, a child of the community and, by being born from the community the individual is part of it. Being born from a community the individual thinks of it as a parent and a parent’s job is to protect, raise and nurture the child. Without the parent’s guidance and protection the child becomes astray and will not survive in the world. Born, raised and shaped within a community, the individual and the said community become intertwined and almost inseparable. When this relationship is threatened the individual will have a difficult time parting with a community that has been with them for the greater part of their life. When the individual is able to become a functioning part of a community they will try to stay within the safety of it. Being a part of a community brings with it security and well-being. This, however, is not entirely the case for Goodman Brown. Nathaniel HawthorneShow MoreRelatedAnalysis Of Walt Whitman s Leaves Of Grass 945 Words   |  4 PagesTyler Petry Walt Whitman Mar 20 2017 Walt Whitman was one of the greatest poets of the eighteen hundreds. Most of his poems can be found in his short book Leaves of Grass. He is one of the best known America s poets and set the standard for intellectual patriotic poems. Walt was born on May 31, 1819 in Long Island, New York. 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