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BUSINESS ECONOMICS BY DR. B. T. CHAVAN ASSIST. PROFESSOR DAYANAND COLLEGE OF COMMERCE, LATUR UNIT: 1 INTRODUCTION TO BUSINESS ECONOMICS Economics in the life of Human Being Children/Farmer/Salaried/House Wife Bargaining Power Shortage of Money Demand & Supply Inflation/Deflation Recession Consumer Behavior Business Cycle Product Life Cycle WHAT IS ECONOMICS Definitions Wealth Definitions Adam Smith: “Father of Economics” Book: Wealth of Nations written in 1776 “Economics is an enquiry into the nature and causes of the wealth of the nations.” J.S. Mill: “Economics is the practical science of the production and distribution of wealth.” Welfare Definition Dr. Alfred Marshall: Book: Principles of Economics written in 1890 “Economics is a study of mankind in the ordinary business of life.”
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