Business Economics plays an important role in our daily economic life and business practises. Business firms are continuously engaged in the process of decision making. Economic theories, economic principles, economic laws, economic equations, and economic concepts are used for decision making. Business Economics is also known as "Managerial Economics". It is also known as "Applied Economics". Business Management means any activity undertaken to earn profit, run by a person and managed with the help of economics. Therefore, Managerial Economics is also called Business Economics. In Managerial Economics the concepts, principles and theories in pure economic science are applied to any business activities. Therefore, it is also called as Applied Economics.