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Unit 1: Introduction.pdf

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Preview of Unit 1: Introduction
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Summary

After studying this unit, you would be able to explain the meaning of economics, describe the meaning and nature of business economics, and describe the scope of business economics. Business economics is a science and an art that incorporates elements of micro and macro economics, and is pragmatic and normative. The basic economic problems include what to produce, how to produce, and for whom to produce. Economics is the study of how relatively scarce resources are allocated to satisfy competing unlimited wants of human beings in a society, and it concerns itself with the allocation of scarce productive resources, the increase in productive capacity, and the factors that lead to fluctuations in resource utilization.

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Description

After studying this unit, you would be able to explain the meaning of economics, describe the meaning and nature of business economics, and describe the scope...

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  • File Format: PDF
  • File Size: 415 KB
  • Pages: 15
  • Language: EN
  • Total Downloads: 87
  • Last Updated: 10 hours ago

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