Business Economics
Business Economics By Dr. K. ChitraChellam Subject matter of economics: Economics is a social science. It deals with man and his efforts to society his wants. He may work in the office or in factory. Wherever he works, he works to earn an income. With his income, he buys goods and services to satisfy his wants. Existence of human wants is the starting point of all economic activities. Lionel Robbins defines Economics as “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”. “Ends” refer to wants. Wants are unlimited in number (endless). When one want is satisfied, another want crops up. Since wants are unlimited, one is compelled to choose between the more urgent wants and less urgent wants. That is why economics is called a science of choice. ...