Business economics is a branch of applied economics that uses concepts from economic theory and quantitative methods to analyze business organizations and come to a series of predictions and conclusions pertaining to the same. It goes in-depth regarding the diversity of organizations in the sphere of businesses and relationships between firms, labor, money, and ultimately the marketplace. What differentiates business economics from its counterpart i.e., classical economics is its utility in actual practical marketplace scenarios, something that classical economics has failed to provide with its vast expanse of theoretical knowledge. Basically, business economics is the fusion of business management and economics.
Business economics can be classified into two categories- positive and normative. Business economics plays an integral aspect in understanding how general economic principles can be applied to business organizations. This does play a very important role when it comes to management tactics and strategy at the corporate level. Business economics throe quite a bit of light on why firms exist and how they are able to expand. They also play an extremely crucial role in analyzing entrepreneurs and their business models and how it finally affects the economy. Business economics also helps to understand the concept of capital flow within an organization and how simple organizational changes can lead to a drastic change in the functioning of it.
In India Masters in Business Economics is a 2-year long course and is offered by a handful of colleges and universities in India. The first university to provide specialization in this field was Delhi University however it has gained a lot of popularity within the last couple of years. The basic prerequisite for undertaking this course is that candidates must have completed their graduation in any discipline. Though institutes have been offering programs to students across all platforms a prior background in commerce and economics proves to be helpful while pursuing this course.
Universities generally opt for selection criteria when choosing students to enroll in this course; however, some institutes do accept CAT scores as well since this course shares a lot of similarities with an MBA degree. Some of the top universities offering a Masters in Business Economics include Noida International University ( Gautam Buddh Nagar), Bundelkhand University (Jhansi), Mewar Institute of Management (Ghaziabad), Gauhati University (Guwahati), Himachal Pradesh University (Shimla), Holy Cross Institute of Management and Technology-HCIMT (Calicut). The course generally covers aspects of micro and macroeconomics, applied business statistics, project appraisal, organizational behavior, marketing, international trade, and finance, etc. The course can cost anywhere between INR 10,000 to 3, 00,000.
This is a highly lucrative field with career opportunities being presented by the banking sector both in the private and government sectors, many corporate also vie for such candidates along with large business organizations operating on a both domestic and international scale. Lots of opportunities also show up in the field of audit agencies. Some of the roles offered after the completion of this course include Business Economist, Asset Manager, Market Analyst, Operations Manager, etc. This is a field that will only increase in stature due to its heavy demand in the growing marketplace.