economics10

May 20th, 2015
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A. T. Still University
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Economics Economics is a science, which studies human behavior as a relationship between ends and scarce mean, which have alternative uses.

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Q.1 Define Economics and explain the importance of economic analysis for business decision-making? Definitions of Economics:Numerous definitions of economics are offered from time to time Dr. Maynard Keynes has rightly remarked, Political Economy is said to have strangled itself with definitions. L.M.Fraser has classified the definitions of economics into type A and type B. Type A definitions are related to wealth and material welfare and type B to scarcity of means.Adam Smith was the founder of economics because he wrote the first systematic book on economics na

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