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Thus, managerial economics provides the link between economics and the decision science disciplines like mathematics, statistics, operation research, econometrics etc. Macro and Micro Economics: Macro-economic studies the functioning of the economy as a whole and micro economics analyses the behaviour of individual components like industries, firms and households.
Wants and needs of every society are unlimited while the resources available with society to satisfy these wants and needs are limited and these limited resources too have alternative uses.
Therefore, the society has to decide the goods and services to be produced with these resources and also the quantity in which these goods and services should be produced so that maximum possible wants of society may be satisfied.
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It has also to ensure that the available resources are efficiently utilised for the economic growth and welfare of country. Economics is to analyse the causes of these problems and to suggest a number of alternative courses which may help in tackling these problems.
Economics is also concerned with the increase in productive capacity of scarce resources and the rate of growth of economic development. According to Stonier and Haugue the subject matter of economics includes the following: The theoretical part of economics is economic theory.These activities can be broadly classified as economic and non-economic activities. The dictionary meaning of business is employment, trade, commercial activity or industrial concern.Business is a wide term which includes individual and group activities directed towards the wealth acquisition through exchange of goods and/or services.The term ‘Economics’ has been derived from two Greek words ‘OIKOU’ and ‘NOMOS’ which, taken together, mean the rule or law of the household.At the initial stage of development of human civilisation, economics was confined to the efficient financial management of households.The main objective of the business economics is to be in business.The business economics in order to survive and grow has to make profit along with meeting other societal obligations. Thus, along with economic objectives of profit maximisation, social responsibilities of business towards various stakeholders like owners, workers, consumers, society and government have gained a considerable importance.There are many examples of Applied Economics such as Industrial Economics, Managerial Economics and Agricultural Economics.In descriptive economics actual facts about a particular economic subject for the aim of study.In the early days, the sole objective of business was to earn profit at any cost in order to accumulate wealth, gain economic power even at the cost of social justice.This concept has become almost outdated and the modern concept of business economics believes in the fact that business is a long lasting social and economic institution.