5 Questions
Which principle is of great use in decision-making?
The opportunity cost principle
What does economics offer to a business economist?
Broad principles
What does the business economist have to use to bridge the gap between economic theory and business practices?
Additional skills and tools
How are the opportunity costs of doing something measured?
By the sacrifices of alternatives required
What are the basic economic tools used widely in managerial economics?
Opportunity cost principle
Test your knowledge of economic principles and their practical applications in business. Explore the concepts and analytical tools that can be useful for a business economist. Challenge yourself with real-world scenarios and see how well you can apply economic theory to solve practical problems.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
