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.”