Yes. Doing Business and Economics would be fine, but if you are in ordinary maths, applied maths would be very challenging. The maths in HL economics is very easy. Physics is not necessary for applied maths.
I would stay well away from applied maths if you're in ordinary maths. A lot of the actual maths in applied maths is an extension of HL maths, so if you're not taking HL you might find it very challenging