Incorrect Statement

Business economics need not worry about macroeconomics.

Explanation

Business economics is a branch of economics that focuses on the application of economic theory and quantitative methods to solve business problems. It deals with issues such as demand and supply, production, cost, pricing, market structure, and strategic decision-making. Business economics is also known as managerial economics because it helps managers make effective decisions by providing them with economic tools and techniques.

Connection with Statistics

Statistics is an essential tool for business economics. It helps in the collection, analysis, and interpretation of data, which is crucial for decision-making. Business economics uses statistical methods such as regression analysis, correlation analysis, and time series analysis to study the relationship between different variables and to make forecasts.

Normative in Nature

Business economics is normative in nature, which means that it is concerned with what ought to be rather than what is. It involves making value judgments and recommendations based on economic principles. It helps managers make decisions that maximize profits, minimize costs, and optimize resources.

Macro Economics

Macroeconomics is the branch of economics that deals with the economy as a whole. It focuses on issues such as inflation, unemployment, economic growth, and monetary and fiscal policies. Business economics cannot ignore macroeconomics as it is affected by macroeconomic factors such as interest rates, exchange rates, and government policies. For example, a change in interest rates can affect a firm's borrowing costs, which can impact its profitability.

Conclusion

In conclusion, the incorrect statement is "Business economics need not worry about macroeconomics." Business economics is normative in nature and has a close connection with statistics. It uses economic tools and techniques to solve business problems and helps managers make effective decisions. It cannot ignore macroeconomics as it is affected by macroeconomic factors that can impact a firm's profitability.

Option c: Business economics need not to worry about Macro economics