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Understanding Economic Activity

In: Principles of Management

Author

Listed:
  • Peter Eichhorn

    (OPINIO Forschungsinstitut)

  • Ian Towers

    (SRH Hochschule Berlin)

Abstract

This chapter first introduces the different economic agents and types of economy that make it possible for needs to be satisfied. Types of economic entity are presented, and the point is made that not only companies are economic entities, but also institutions like hospitalsHospitals , city administrations and schools. An overview is provided of local, regionalEconomy regional , national and supranational economiesEconomy supranational . Economic efficiencyEconomic efficiency and effectivenessEffectiveness are discussed and it is emphasised that these principles are important for all economic entities, not just firms. Secondly, there is a discussion of the tasks of business administration and of economics as academic disciplines. The areas of interest are outlined and the links between the two areas are made clear. In addition, neighbouring disciplines that are relevant for the study of economic activities are described. Possible approaches that can be taken to study economic entities and economic activities are presented. Thirdly, the argument is made that those interested in the study of economics, business and management should understand the building blocks of reality as our actions as humans are driven by our perceptions, thought processes and learning processesLearning processes . Finally, there is a discussion of research as the quest for truth.

Suggested Citation

  • Peter Eichhorn & Ian Towers, 2018. "Understanding Economic Activity," Springer Texts in Business and Economics, in: Principles of Management, chapter 1, pages 1-33, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-70902-4_1
    DOI: 10.1007/978-3-319-70902-4_1
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