The purpose of economic development is to improve the social and material well-being of all individuals and social institutions with the goal of achieving the highest possible level of human development. Socioeconomic development, therefore, requires the integration of economic and social development.
The role of a business is to produce and distribute goods and services to satisfy a public need or demand. According to Business News Daily corporate social responsibility (CSR) is “a business practice that involves participating in initiatives that benefit a society.”
Economic way of thinking examines how people make choices under conditions of scarcity and systems of production, consumption, and distribution. It also examines the effects of government policy and actions on market outcomes.
Economic activities:Transportation,Mining,Manufacturing,Production,Banking,Distribution,Consumption,Farming,Cultivation,Livestock keeping.
The subject matter of economics includes the study of the problems of consumption, production, exchange and distribution of wealth, as well as the determination of the values of goods and services, the volume of employment and the determinants of economic growth.
Economics is the study of resources and how to efficiently and effectively manage them so that people have what they need to live. Those who choose to major in economics open the door to many job opportunities and careers in government, non-profits, and both public and private sectors.
There are three key interrelated components of economic wellbeing - income, consumption and wealth. To study these components separately only reveals part of the picture of economic wellbeing. Income can be used to support current consumption, such as food, clothing, education, housing or leisure activities.
The human being and the group. The problem of man cannot be solved scientifically without a clear statement of the relationship between man and society, as seen in the primary collectivity—the family, the play or instruction group, the production team and other types of formal or informal collectivity.
Economics is classified as a social science. This view makes economics an academic relative of political science, sociology, psychology and anthropology. All of these disciplines study the behaviour of human beings individually and in groups. They study different subsets of the actions and' interactions o human beings.
High economic growth leads to increased profitability for firms, enabling more spending on research and development. This can lead to technological breakthroughs, such as improved medicine and greener technology. Also, sustained economic growth increases confidence and encourages firms to take risks and innovate.Society & Economics