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Accounting is the language of business. Accounting can become quite complex. You need to know accounting because your decisions will often be determined by numbers.
Accounting is the systematic process o measuring the economic activity of a business to provide usefulinformation to those who make economic decisions. Accounting information is used in many different situations. Bankers use accounting information when deciding whether or not to make a loan. Stockbrokers and other financial adviser base investment commendations on accounting information, while government regulators use accounting information to determine if firms are complying with various laws and regulations.
When someone tells about economy, they can refer to different concepts. In the origin this concept refers to the home economics. This concept make everyone economist. I am trying to be the economist of my home for a short period (well, the mini flat which I rent), but my flat mate (my girlfriend) is the person who is in charge of home economics.
We can make the concept more extensive. Because the economy studies human behaviour what is the base of the household management. In this way, all of us have tried to manage our wealth. It could be a pocket money or a wage. Everybody have some resources, bigger or smaller. And everybody try to manage their resources to satisfy their wants and needs (to buy sweets, to go de party, to rent a flat where you can live or a yacht where you can sail). We can not satisfy all our needs, because we always find anything what we want. But we do what we can to catch the best situation in our reach.
With this little introduction we could define economy like the social science what analyze the efficient use of resources. The resources are limited and the needs are unlimited. Follow this definition we could stress some features:
Like social science, economy studies human behavior. The decision than people make to satisfy their needs with the resources that they can reach.
When you talk about efficient, you refer to the way you can use these limit resources to satisfy the most part of the needs. You can not satisfy all the needs because needs are unlimited. You have to have unlimited resources to satisfy them. But you have to try to reach the highest level of satisfaction.
Third feature is a something I said constantly: Limited resources and unlimited needs.
Somebody gave a definition what it is not bad to remember. It defined the economy like a thing you have to learn to economist can’t deceive you. A great raison to learn something. If you know more than other about something, this people can’t receive you.