Wednesday, 15 January 2020

Business and Economics

Being busy is called business. In this world each and everybody are busy in earning money. Business is the activity of making money by producing or buying and selling product (such as goods and services). The main objectives of business are making profit and fulfil human wants. Finance is the lifeblood of business. Every business needs finance to achieve organisational goal. Finance is about making correct investment decisions with capital, and is essentially different ways to discount cash flows back in time (and how to predict those cash flow, determine that discount rate, etc.). Finance touches our daily life, whether rich or poor, literate or illiterate. Economies are a social science that studies the production, distribution and consumption of scarce goods and services. Economies determine how resources are distributed among members of a society; they determine the value of goods or services.
Business is the engine of an economy. Its provides jobs that allow people to make money and goods and services that people can buy with the money they make. Business and economics go hand in hand. Business provides goods and services that drive economic output. Business is an economic activity of production and distribution of goods and services. It provides employment opportunities in different sectors like banking, insurance, transport, industries, trade etc.
Business economics is an integral part of traditional economics and is an extension of economic concepts to the real business situations. It is an applied science in the sense of a tool of managerial decision-making and forward planning by management. Economic growth is measured as the annual percent change of gross domestic product (GDP), which is a measure of the total income earned by the people of a country through their participation in the production process. It has all the advantages and drawbacks of that measure. The economic growth rates of nations are commonly compared using the ratio of the GDP to population or per-ca-pita income.
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