BUSINESS ECONOMICS AND DEMAND ANALYSIS
DEFINITION OF BUSINESS ECONOMICS
Adam Smith is called the father of Economics who wrote the title ‘An Enquiry into The Nature and Causes of Wealth of Nations’. Dr J N Keynes said,” Political economy is said to have strangled itself with definitions’. Though Marshall described economics as ‘science of material welfare’, some described that economics was supposed to teach selfishness and it was classified as ‘dismal science’. it was In this unit, we will discuss business economics. There is lot of difference between economics as a subject and business as a practice. That way teaching of economics can be assumed as abstract theorization.
But still the theoretical models of economics are applied in business. ...
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