Economics and Finance

Economics is the science and technology of planned activities designed for the purpose of fulfilling the material and immaterial needs of group of people.

An economic system includes all the institutions, mechanisms and actions which contribute towards meeting the needs of a community. This involves processes such as the production, consumption, circulation and distribution of goods.

Historically, all activities involving economic figures were subsumed under the heading of finance. These include keeping accounts, drafting annual reports based on these and also costing. In the 1950s a new sub-branch of financial accounting emerged in the USA: controlling.

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