Government is not the generator of economic growth; working people are. 
--Phil Gramm, In "Policy Review."

Understanding some basic principles of economics is key to a successful business venture. You may often hear reference to the "economic boom" in the U.S. or of a country's flourishing (or struggling) economy.

You may have even heard the terms "microeconomics" and "macroeconomics" heard somewhere. Don't let them confuse you. Microeconomics  simply takes an up close view of the economy by concentrating on the actions of particular figures in the economy, such as consumers, workers, business managers, and investors. Macroeconomics, on the other hand, looks at the economy from a broader perspective by evaluating factors such as total national production, average prices, and employment levels. To simplify things, we'll just refer to all of it as plain old "economics."

In order to understand how any business, large or small, plays into the economy, here's a guide to a crash course in Economics. Master these few principles and you'll be set to go! (And, maybe impress a few people, too.)