MA19902C01 Lecture Notes - Microfoundations, Microeconomics, Fritz Machlup
Document Summary
Before the introduction to business economics, you should have an overview of the introduction to business and economics. Economics is the subject of social science, which deals with the studying of production, distribution, and consumption of goods and services. The basics deal with how a society provides for its needs. In contrast, business is defined as the organization being engaged in commercial, industrial, or professional activities. Coming to the introduction to business economics, it is the field of economics that deals with the studies of financial, organizational, market-related, and environmental issues that corporations face. It covers the concepts of scarcity, product factors, distribution, and consumption. It concerns the primary application of microeconomic principles to decision making by the corporate. meaning of business economics with the introduction to business and economics, it is clear that location is an entity that offers goods or services to customers.
