Economics Analysis studies how rational individuals make their decisions under conditions of scarcity while facing different alternatives, and how these decisions affect other economic agents. It starts from the idea that individuals rationally decide rules of behavior, rules such as maximizing their utility, whether consumers, or maximizing their benefits, if it is producers, trying to achieve them.
Importance of Economics in Business
To know the Importance of Economics in Business, first we should talk about economics. Economics is the science that deals with the study of scarce resources that society needs to exist. Its production, distribution and reuse. These resources can be goods like; Food, clothing, technology, housing, etc. And among the services we can highlight; Health, education, housing, potable water, electricity and entertainment.
What is Economy | Definition & Basic Concepts
The economy definition / What is Economy? The economy is a social science that studies the processes of extraction, production, exchange, distribution and consumption of goods and services. In a figurative sense, economy means rule and moderation of expenditure and saving.
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