Business economics is an allied field of economics which studies the optimum use of resources which are scarce and involves evaluation of two options available in achieving the required objective within the given constraints. If you are looking for help in writing your essay or assignment on Business Economics for a UK university, read on.
This involves use of economic theory and quantitative methods to scrutinise business and the relationship of companies with Labor, Capital and product. The general issues that are studied in Business Economics are why organisations develop and exist, why they grow, the role of businesspersons and entrepreneurship, the interactions between corporations and the business setting etc.
Economic forces like inflation, employment levels and fiscal policies affect decisions taken at business activity level as well as personal level since these factors affect the demand of products, buying power and competition. Hence it is imperative for business to assess future market and fiscal conditions and form ideas of overall business conditions that lay ahead using economic analysis.
Keep reading for more pointers that will help you in writing your UK Business Economics essay or assignment.
Economic analysis measures the opportunity cost of resources used and measures the social costs and benefits of a project to the economy. Since it is study of deciding on how to allocate scarce resources we take help of economic analysis principles to make balanced choices. The Optimisation criteria, Comparative advantage, Diminishing returns, Substitution of resources, Cost analysis, Opportunity cost are some of the economic analysis principles to name a few.
There are lot of scientific methods applied to conducting an economic analysis to classify economic events into distinct components which are easier to analyse. The steps to complete economic analysis are Identify Appropriate Economic, Collect Economic Data (by reviewing methods of economic forces, such as unemployment rates, income and expenditure, interest rates and many other economic indicators. The data sources are business/trade, government, and public interest publications), Prepare or Select an Economic Forecast, Interpret the Economic Data, Monitor Intervening Forces and Use the Economic Analysis for Decision Making.
The various economic analysis or cost benefit analysis methods that may be studied are Life-Cycle Cost Analysis and Value Engineering.
Business economics though by nature is micro-economic uses various macro-economic techniques like business cycles, foreign trade, national income etc. The business cycle depicts fluctuations in economy and consists of four stages namely prosperity, recession, depression, and recovery. The student may try to explain the impact that business cycles can have on companies by using data of companies.
The scope of topics covered in business economics include demand forecasting, cost analysis, profit analysis and capital management. Thus assignments can be written to study the factors influencing the sales income and profitability of firms, describe different pricing concepts and strategies, examine the factors influencing the concentration and type of competition in various markets, understand main growth strategies used by firms etc. Also the impact of government policies on organisations can be studies by practical case studies by interpreting latest economic data and recent economic developments.
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