Nature and scope of business economics. The term economics owes its origin to the Greek word for ' OIKONOMIA ' which means household management. Fundamentals facts of Economics. Human beings have unlimited wants and. That means to satisfy these unlimited wants a relative scarce from the subject matter of Economics. Economics has been broadly divided into two parts Microeconomics Macroeconomics Micro economics. The term micro is derived from the Greek word ' MIKROS' which means small. Microeconomics deals with allocation of resources. It is also known as price theory. Product pricing, consumer behaviour, factor pricing, the economic condition of the section of people, behaviour of firms, location of industry. Macro economics. The term macro is derived from the Greek word ' MAKROS ' which means large. Macroeconomics deals with fuller utilisation of resources. It is also known as 'income and employment theory. National income and national output, the general ...
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