They put the following arguments in favour of their opinion: 1.
Difference in the Opinion of Economists: There is vast difference in the opinion of economists on almost every issue.
There are many examples of Applied Economics such as Industrial Economics, Managerial Economics and Agricultural Economics.
In descriptive economics actual facts about a particular economic subject for the aim of study.
The main objective of the business economics is to be in business.
The business economics in order to survive and grow has to make profit along with meeting other societal obligations. Thus, along with economic objectives of profit maximisation, social responsibilities of business towards various stakeholders like owners, workers, consumers, society and government have gained a considerable importance.
Wants and needs of every society are unlimited while the resources available with society to satisfy these wants and needs are limited and these limited resources too have alternative uses.
Therefore, the society has to decide the goods and services to be produced with these resources and also the quantity in which these goods and services should be produced so that maximum possible wants of society may be satisfied.
Business includes activities such as farming, mining, manufacturing, banking, trading, insurance, transport, construction and warehouse etc. Concept of Business Economics: Business Economics was attached different meanings in accordance with the objectives set.
According to one school of thought, business economics was conceived as an activity aimed at profit maximisation.