Definition of Economics
Economics is defined as the subject area of analyzing the production, distribution, and even consumption of goods and services. The basic definition of Economics as a subject is that it is the social science meant to study economic activity for gaining an understanding of various processes that govern the production, distribution as well as consumption of services and even goods within an economy.
Since Economics deals with the way goods and services are handled by people within all categories of industries, hence marketers need to study this subject at their college level or they should have a thorough knowledge through research during their professional lives for developing updated marketing techniques as per the ongoing marketing scenario.
Textbooks on Economics
There is a deep correlation between Economics and Marketing. Hence, marketers need to refer to relevant textbooks written on Economics whose details have been listed as follows:
- Salmon: Economics and Marketing by Susan Shaw and James F. Muir (Published by Springer Science & Business Media – Year 1987).
- Fuzzy Sets in Management, Economics, and Marketing contributed by Constantin Zopounidis,Panos M. Pardalos and George Baourakis (Published by World Scientific – Year 2001).
Examples of Economics
Example 1: An interesting example of Economics is its application in Marketing in the form of Microeconomics. The study area of Microeconomics analyzes how entities that form a market structure, interact within a market for creating a market system.
Example 2: Another interesting example of Economics can be its application in the form of Macroeconomics. The study area of Macroeconomics analyzes the economy as a whole in order to explain broad aggregates and even their interactions by utilizing a form of general-equilibrium theory. Such aggregates include National Income as well as output, the rate of unemployment, and price inflation. Even sub-aggregates such as total consumption and even investment spending along with their components are included.
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