Economics—the Science of Business
Purpose and scope of economics Fundamental concepts Land and capital Labor and enterprise Three fundamental laws Consumption of wealth Value and the consumer Value and the producer Value and the trader Money Credit Money, credit and prices Foreign trade Rent Interest Wages Profits
Economics is the foundation stone upon which the science of business is built. It underlies all business just as mathematics underlies all branches of engineering. It is the basic subject of the Course, and its general principles should be thoroughly understood before taking up the subjects treated later.
The book is written for the general reader, who has little or no knowledge of economic theory. It gives a clear idea of the business problems and forces with which business men deal and enables the reader to form intelligent judgments of his own.
This section of the Modern Business Course makes clear the laws governing the prices of goods, the wages of employes, the profits of employers, the processes of exchange, the functions of money and credit, and the rent of buildings and land. It takes up in comprehensive manner the problems raised by trade unions, by trusts, by governmental taxation and by the growing tendency toward governmental regulation of business.
An understanding of all these live, interesting business problems is an essential part of the mental equipment of a broad-gauged business man, working under present-day conditions.