Question

What is the main difference between economics and business

Answer 1

Economics is a branch of social science which deals with studying the behavior of human with regards to decisions they make to identify their impact on the economy. it is related to a wide number of matters such as politics, mathematics, interpersonal relationship, etc. It helps in understanding the mechanisms of economies around the world.

Business, on the other hand, is an economic system where the goods and services are being exchanged for money between two or more parties. The main purpose of business is to increase the value of the shareholders by making profits. This revolves around arranging labor, capital, land, and entrepreneurship in order to materialize the goals and objectives of the company.