Business Economics is a very useful subject and is the most significant of all social sciences. Its study is highly useful for analyzing and understanding the various economic problems. Its study brings utility to all sections of the people. Business Economics is described as both light giving and fruit bearing science. It enriches our knowledge and brings results. The Practical Significance Of Studying Business Economics is explained from the following points:
Practical Importance Of Studying Business Economics
1) Useful to the Finance minister : The study of Business Economics is highly useful to the Finance minister and the personnel working in the finance department. It provides a good knowledge about public revenue, public debt and public expenditure. It helps them in forming a sound financial policy and result oriented budget.
2) Useful to the Minister for Planning : The study of Business Economics is also useful to the Minister for planning and his personnel. It furnishes a good knowledge about the various types of plans, mobilizations, implementation, capital output ratio, investment strategy etc.
3) Useful to the bankers : Business Economics is also useful to the bankers It enables them to understand the nature, purpose and implications of different economic policies implemented by the business firms.
4) Trade union leaders : Knowledge of Business Economics is also significant for the trade union leaders. The study of Business Economics helps the trade union leaders to understand the nature and causes of industrial disputes, wage problems etc.
5) Businessmen : Economics is also useful to the businessmen, Businessmen, with the help of Business Economics, can study the fluctuations in business, prices, production and employment. They can adopt a proper strategy for producing goods and services according to the charges in demand.
6) Statesmen : Statesmen will benefited by studying Business Economics. It enables them to understand the nature and causes of economic problems. It helps them to solve the economic problems like unemployment inflation, scarcity of goods etc.
7) International economic problems : International Economics is an important branch of Economics.It deals with the matters like terms of trade, balance of payments, export and Import regulations etc. Its knowledge enables the international agencies to determine the foreign exchange value of various national currencies.
Thus, Business Economics has both theoretical and practical significance. Its study is useful to all sections of the people.
