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Business Economics

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What is Economics? Economics is not a natural science, i.e. it is not concerned with studying the physical world like chemistry, biology. Social sciences are connected with the study of people in society. It is not possible to conduct laboratory experiments, nor is it possible to fully unravel the process of human decisionmaking. “Economics is the study of how we the people engage ourselves in production, distribution and consumption of goods and services in a society.” Normative economics and Positive Economics: Normative economics refers to value judgments, e.g. what “ought” to be the goals, of public policy. Normative statements cannot...
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Business Economics

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