Economics is a social science that deals with the production and consumption of goods and services, and with the forces determining economic growth, prices, and distribution of wealth. Problem-solving in business management requires a firm theoretical base in economic. In private firms economic principles guide managers in making decisions on almost all aspects of their business such as production, investment, employment, budget forecast, and marketing choices. In public agencies, managers likewise rely on economic analyses in their design, determination, and assessment of public policies.