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They put the following arguments in favour of their opinion: 1.Difference in the Opinion of Economists: There is vast difference in the opinion of economists on almost every issue.
Thus, managerial economics provides the link between economics and the decision science disciplines like mathematics, statistics, operation research, econometrics etc. Macro and Micro Economics: Macro-economic studies the functioning of the economy as a whole and micro economics analyses the behaviour of individual components like industries, firms and households.
Micro-economics basically provides answers to the following questions: (i) What goods should be produced and in what quantity?
It is a systematic collection, classification and analysis of facts. Poincere, “Science is built up of facts as a house is built up of stones, but an accumulation of facts is no more a science than a heap of stones in a house.” Thus, following are the essentials of science: (i) A systematic study of facts, (ii) Certain rules and principles, (iii) Rules and principles of science are based on causes and effects, and (iv) Rules and principles of science are universally applicable. Scholars, who argue that economics is a science, put the following arguments in favour of their opinion: 1. Economic facts are analysed on the basis of these laws and principles. It Establishes Relationship between Causes and Effects: Economics establishes relationship between the causes and effects of economic events. Universality of Laws and Principles: Laws and principles of economics are universal.
Systematic Study of Facts: Economics involves the systematic collection, classification and analysis of facts. Such relationship facilitates economic forecastings. They hold true in almost all the countries at all the times and in all the circumstances. Some scholars argue that economics is not a science.
Indian Economics is the example of descriptive economics.
Meaning of Business: Human beings in order to satisfy their needs take up many activities.Though the wants and needs of every economy have growth many folds; population and labour force have increased; sources and techniques of production have improved; infrastructural facilities have improved; facilities of research and development have developed; new natural resources have been explored; both the physical and human resources have grown; and production capacity of modern economies has grown tremendously, yet the growth in production and income has not been smooth.Therefore, economics has to explore and exploit the available resources of economic growth and to employ them for the economic growth of the country.The main objective of the business economics is to be in business.The business economics in order to survive and grow has to make profit along with meeting other societal obligations. Thus, along with economic objectives of profit maximisation, social responsibilities of business towards various stakeholders like owners, workers, consumers, society and government have gained a considerable importance.These activities can be broadly classified as economic and non-economic activities. The dictionary meaning of business is employment, trade, commercial activity or industrial concern.Business is a wide term which includes individual and group activities directed towards the wealth acquisition through exchange of goods and/or services.It dealt with the way in which a household could make the best and most efficient use of its limited resources (income) to satisfy its unlimited wants.Later, with the growth and advancement of human civilisation, the concept of efficient financial management of households was carried over to the society and nation as a whole.It has also to ensure that the available resources are efficiently utilised for the economic growth and welfare of country. Economics is to analyse the causes of these problems and to suggest a number of alternative courses which may help in tackling these problems.Economics is also concerned with the increase in productive capacity of scarce resources and the rate of growth of economic development. According to Stonier and Haugue the subject matter of economics includes the following: The theoretical part of economics is economic theory.