You'll figure out what economics and microeconomics are by the end of the semester or quarter, but let's give definition a try anyway.

   First, let's be clear about one thing. Economics isn't business! Business courses are (ideally) designed to teach the student how to fill one or more roles in modern business enterprises or, in general, how to be more effective businesspeople.

   Economics is a social science, and as such its goals are quite different. We bring this up now because the beginning student is often frustrated by the lack of a clear link between what is being studied in economics and business skills. Nevertheless, an understanding of economics can be very valuable in most business endeavors.

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