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We can, thus, say that commercial economics is also related to the science of marketing. He is benefited a lot from these techniques in making business decisions. Economics is a science related to human activities to fulfill demand with limited wealth. Microeconomics is a branch of economics that studies the behaviour of individual consumers and organisations in the market. Khanchi) Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. This view makes eco­nomics an academic relative of political science, sociology, psychology and anthropology. Statistics do not tell their own story. managerial economics can be taken as the best example of such a phenomenon among social sciences. The role of statistics is very vital in Economics. Economics is classified as a social science. Relationship of financial management with other branches 1. Business Finance Arshad Islam; Lecturer in Accounting & Finance; Cell No: 0092-313-9911865 Page 1 RELATIONSHIP OF FINANCE WITH OTHER BRANCHES Financial management is one of the important parts of overall management, which is directly related with various functional departments like personnel, marketing … While sociologists are interested in all facts of organised human activity, economists are interested mainly in organised activities that related o the production and consumption of goods and services. If the manager is well versed with so many things concerning human behavior and has a good knowledge of human psychology then he can successfully take decision specially human decisions. Economics is a social science that describes the production, consumption, and exchange of goods within a … Job The statistics provides several tools to commercial economics. On the other hand, macroeconomics examines the economy as a whole and deals with issues related to national income, The job of the company economist is to investigate economic aspects of various decisions Government agencies and private business firms generate a vast array of economic statistics on such matters as income, employment, prices and expenditure patterns. Welcome to EconomicsDiscussion.net! A two-way street exists between statistical data and economic theory. A business manager can never decide and plan unless the first has at his command a clear analysis of the accounting information. Privacy Policy 8. It focuses on the demand and supply, pricing, and output of individ-ual organisations. They study different subsets of the actions and’ interactions o human beings. Mathematics is “Science of all Sciences” and “Art of all Arts”. There really is no direct relationship between the subjects. Economics is closely related to the other social sciences, particularly politics, sociology (because some academics argue that economics is in fact a branch of sociology) and ethics; there are also strong connections with psychology, as economics is often influenced and affected by human behavior patterns. In practice there is a strong relationship between economics and politics because the performance of the economy is one of the key political battlegrounds. It is a statistics that provides a business unit various useful measures of functional relationship involved in decision-making process. Copyright 10. Before publishing your articles on this site, please read the following pages: 1. Before publishing your Articles on this site, please read the following pages: 1. common with other disciplines (man, people, population) and to that subject matter which is specific to demography itself. Business Economics- Meaning, Nature, Scope and significance Introduction and meaning : (Author : Dr. M.S. When one studies economics for the first time, you will probably never come across any equations or calculations other than simple mathematics. As such it is quite difficult for us to understand clearly so many things and concepts of managerial economics unless we have sufficient knowledge of mathematics. Relationship of Commercial Economics with Other Subjects! This view makes eco­nomics an academic relative of political science, sociology, psychology and anthropology. To understand the nature and scope and commercial economics all the more clearly one should have the knowledge of some other subjects specially of mathematics, statistics, operations, research, accounting, finance and marketing and of human behavior so that its (managerial economics) relationship with all these subjects may be examined. One major function of an economist is to conduct research. Share Your PPT File, Relationship of Economics with Other Subjects, Alternative Theories of Distribution (With Formula) | Theories | Economics. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. Answer. Various techniques of operations research are often used to solve various problems of a business unit and the decision-making process assumes scientific character because of the use Operation Research Techniques. Share Your PDF File Hence, the accounting record has to be presented in a systematic manner capable of analysis and interpretation in contest of decision-making and planning. As a decision science, economics is closely related to business and management courses. Economics is also part of a group of disciplines called decision sciences which includes some branches of statistics, applied mathematics, opera­tional research, and some areas of management and engineering. At the same time, economic theory helps to explain which economic variables are likely to be related and why they are linked. Managerial economics relationship with other disciplines: • Many new subjects have evolved in recent years due to the interaction among basic disciplines. Prohibited Content 3. The relationship of commercial economics with the said subjects in brief can be stated as under: Commercial economics and accounting are closely related. Business involves decision-making. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. All of these disciplines study the behaviour of human beings individually and in groups. Relationship of Commercial Economics with Other Subjects! Commercial economics is also closely related with mathematics. We must utilise economic theory to properly interpret and better understand the actual statistical relationships among economic variables. The relationship between managerial economics and economics theory is like that of engineering science to physics or of medicine to biology. Although this may seem obvious, it is somewhat different viewpoint on human behaviour from that of psychologists and sociologists. A business manager has to take several decisions concerning human behavior. Economics analyzes how people earn and spend, how purchasers and sellers behave under different circumstances etc. Plagiarism Prevention 4. In modern times a new branch of accounting popularly known as management accountancy, has developed to help managerial decision-making. For example, some people are instinctively more suspicious of government intervention. To understand the nature and scope and commercial economics all the more clearly one should have the knowledge of some other subjects specially of mathematics, statistics, operations, research, accounting, finance and marketing and of human behavior so that its (managerial economics) relationship with all these subjects may be … As a general rule economists assume that individuals pursue their self-interest and respond to various signals or incentives in the light of that self-interest.

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