CHAPTER 11

Economic Literacy and Business

If accounting and taxes were not exciting enough, the issues related to economic theory and economics might seem like concepts only tangentially related to your small business or newest startup idea. Taking a step back, however, reveals the following reality—economics and small business are directly linked together, and this fact is even more important for small and medium size enterprises. Everyone is familiar, especially entrepreneurs, with the forces of supply and demand, not to mention the linkage between price and quantity of products sold or services rendered. Economics is not limited to these types of concepts thought, however, and the different types of economic information and decisions include ...

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