How Economics Affects Business
Subject: Economics | Topics:


Economics is the study of how society (People) chooses to employ limited resources to produce goods and services and distribute them for consumption.


There are two branches of economics.

•Microeconomics: The part of economics that looks at the behavior of people and organizations in particular markets.
•Macroeconomics: The part of economics that looks at the operation of nation’s economy as a whole.
Economic Systems:
Economic system is the accepted process by which labor, capital and natural resources are organized to produce and distribute goods and services in a society.

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