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Definition, Characteristics, Scope, Nature, Importance, Difference Business Economics, also called Managerial Nature of Business Economics Here is the nature of business economics mentioned in brief. It defines business as an economic activity involving the regular production or purchase and sale of A policy may utilize, suggest, or impose, and it may be formal or informal. It highlights the evolution of public administration, particularly They set the overarching direcƟon for the organizaƟon. Nature, Scope Importance of Business Policy || BPS || INDERPREET SINGH || BBA || TIAS || TECNIA TV (960) This document provides an overview and definitions related to business policy. Everything from dress code to smoking at work might be defined by a business policy. It is concerned with providing 1. These functional areas are generally covered by the term as “major • Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. 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