WHAT IS ECONOMICS AND HOW IS IT IMPORTANT TO ENTREPRENEURS?

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Entrepreneurs are innovators, they create new goods and services, they improve existing products, and they observe an opportunity. They also provide choice, they add a variety to the market place. They also provide jobs, they hire workers for their businesses. They consume resources which supplies jobs in the industry to supply those resources. Ultimately they help the economy grow and they help the community there in grow.