Business Economics

economic-dictionary

Business economics is a branch of economics that studies the functions, criteria or objectives of business activity.

This branch is actually a specialty. For example, the degree in Business Administration (ADE) in countries like Spain is a clear example. It focuses, above all, on business processes and therefore has a greater impact on aspects related to it. So use the help of sciences such as statistics, mathematics or accounting.

The economics of business and business

The economics of the company analyzes something that is essential in the economic systems of most countries in the world: the company.

This is nothing more than an ordered set of productive factors that creates value chains in the production of goods and services. These, in addition, must satisfy the needs that customers demand through the market.

Therefore, you have to analyze and study everything related to it. The way to control economic processes through accounting. Analysis of the market itself through statistics and mathematical models. We cannot forget something essential, we must know the behavior of the consumer using psychology or sociology.

Some areas of the economy of the company

We cannot make a compendium of all the existing areas, although we invite readers to consult all the economic information they need on our website. What we will show are some of the most relevant:

  • Business management area: It takes into account both the general management, as well as the different subordinate departments such as strategic, financial, commercial or human resources. The latter form in themselves subareas.
  • Administration area by objectives. In this case we are taught to plan. We need to know what is a primary, auxiliary, long-term, short-term objective. It is essential because in business, improvisation is a bad advisor.
  • Consumer area. Here, mainly psychology and sociology are used to analyze human behavior. It is related to business management and also includes knowledge in marketing.
  • General economics, understood from the micro and macroeconomic environment: It is important that the student knows fundamental concepts such as the law of supply and demand or the equilibrium price. Of course, also the gross domestic product (GDP) or the unemployment rate, among others.

The business economy, the EU, UNESCO and the OECD

These three supranational institutions want students to be trained in this matter at all costs. Therefore, they believe that resources are necessary to achieve it and of course, the university is a fundamental pillar.

Because only in this way will citizens be formed who achieve adequate personal, social or professional development. For these reasons, a series of competencies that the student must have have been proposed.

Thus, basic training is in mathematics and other related sciences. Second, digital and technological. Third, they must learn to learn, a pending subject in many countries from school or institute. Because not only do you have to study, you also have to know how to do it efficiently.

Finally, they must know the main social and civic competencies, because you have to be ethical and sustainable. Perhaps the latter is the most relevant. In business, not everything goes and training future workers or entrepreneurs in this regard can be a good investment to make.

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