Relationship between traditional economics and business economics are as follows:
1.Traditional
economics studies economic theories, concepts and models in a theoretical
approach whereas business economics studies these concepts from practical
basis.
2.Traditional
economics include micro and macro economics whereas business economics is
fundamentally microeconomic in nature.
3.Traditional
economics can be studied as both positive and normative science whereas
business economics is a normative science.
4.
Traditional economics studies individual unit of an any economy firm as well as
macroeconomics whereas business economics deals only with the economic
activities of the firm.
5.
Traditional economics deals with
both economic and non-economic factors
whereas business economics studies
economic factors
6.
Traditional economics studies human behaviours on the basis of certain
assumptions whereas these assumption may not be true under the study of
business economics.
7.
The scope of traditional economics is broad whereas the scope of business
economics is narrow because it is only a branch of traditional economics.
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