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Describe the four categories of business markets.
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- Choose a simple economic term and explain it.What is economics? A social science that teaches one how to cope with scarcity. A discipline that quantifies the values of assets. A quantitative science to analyze business cycles. A science that teaches firms and individuals how to maximize profits.Why do business people study economics?
- The answer to, "What goods are to be produced?" deals with: who gets the goods. how tastes and preferences are determined. how resources are combined to produce goods and services. the kinds and quantities of goods and services produced.What is meant by the positive economics. Describe in detail.Who are the forerunners and father of Economics. Explain and discuss their contribution in the field of economics.