Ambiguity in The Use of Term
The term 'business economics' is used in a variety of ways. Sometimes it is used as synonymously with industrial economics/industrial organisation, managerial economics, and economics for business. Still, there may be substantial differences in the usage of 'economics for business' and 'managerial economics' with the latter used more narrowly. One view of the distinctions between these would be that business economics is wider in its scope than industrial economics in that it would be concerned not only with "industry" but also businesses in the service sector. Economics for business looks at the major principles of economics but focuses on applying these economic principles to the real world of business. Managerial economics is the application of economic methods in the managerial decision-making process.
Read more about this topic: Business Economics
Famous quotes containing the words ambiguity and/or term:
“Legends of prediction are common throughout the whole Household of Man. Gods speak, spirits speak, computers speak. Oracular ambiguity or statistical probability provides loopholes, and discrepancies are expunged by Faith.”
—Ursula K. Le Guin (b. 1929)
“There are other letters for the child to learn than those which Cadmus invented. The Spaniards have a good term to express this wild and dusky knolwedge, Grammatica parda, tawny grammar, a kind of mother-wit derived from that same leopard to which I have referred.”
—Henry David Thoreau (1817–1862)