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According to Samuelson, “ Economics is the study of how man and society choose to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various people and group of society.”
According to Spencer and Siegelman, “ Business economics may be defined as the integration of economic theory which business practice for the purpose of facilitating decision making and forward planning by management.”
Difference between Economics and Business Economics