What is the difference between Business Economics and Economics ?

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 1.Business Economics deals with application of economic principles to problems of business firms whereas Economics deals with the body of principles.

2.Business Economics deals with application of normative microeconomic principles and involves value judgments or is prescriptive whereas Economics deals with micro and macro economic principles normative and positive.

3.Business Economics through,it is macro,it deals with problems of business firms whereas Economics deals through microeconomic problems of business firms and also individual's economic problems, economics has wider scop.




4.Business Economics main focus is profit theory whereas Economics main focus on distribution theories like a rent, wages, Interest etc. are dealt along with theory of profit.

5.Business Economics adopts,modifies or reformulates already existing economic models to suit the specific conditions and serve the particular problem of the firm whereas Economics theory makes assumptions, hypothesizes economic relationship and generates economic models.

6.Business Economics is pragmatic,it introduces some realistic aspects about the firm like its objectives, resources,legal and behavioural constraints, environmental and technological factors and attempts to sort real life business problems using other related branches of study whereas Economics theory ignores many complexities and makes simplified assumptions as a solution to complicated theoretical issues.

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