Economics and marketing are two terms which are commonly used in business. Economics is a study which analyses the manufacturing, distribution and utilization of goods and services. Economics seeks to study the part of human life which is connected to realization of basic needs through scarce mechanisms. Economics is applied almost in every aspect of our society such as finance, health care, government and business. Economics has expanded to be one of the social sciences studied in educational institutions. Marketing is a social activity which employs use of strategies to communicate a value of a product or service to audience by creating messages that adds value to that particular consumer product. Marketing mainly is an art of making a product known to consumers by use of various marketing tools such as pricing and research, product promotions and price setting for a particular product. Economics and marketing are similar and different in several ways (Baker, Graham et al 73).
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