1 INTRODUCTION 1.1 Meaning, Nature and Scope of Business Economics – Micro and Macro 1.2 Basic Economic Problems 1.3 Market forces in solving economic problems 1.4 Circular Flow of Income and Expenditure 1.1 Meaning, Nature and Scope of Business Economics – Micro and Macro 1.1.1 MEANING OF BUSINESS ECONOMICS · The simplest meaning of the word economics is: o The branch of knowledge concerned with the production, consumption, and transfer of wealth o The condition of a region or group as regards material prosperity o A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services · There are many definitions of Economics under Various Schools of Thought. The following chart summarizes them: · ...