What is Economics in business ?

Economics in business refers to the application of economic principles and theories to analyze and make decisions related to the production, distribution, and consumption of goods and services within a business or industry. It involves studying how businesses allocate resources, set prices, make strategic decisions, and respond to changes in the market environment in order to maximize profits and achieve their goals. Economics in business helps businesses understand the factors that influence their operations and performance, and provides a framework for making informed decisions to improve efficiency and competitiveness.