Definition
Business administration is one of two sub-disciplines of economics and describes the management, control and organisation of an economic company ( operation). It deals with the determination of operational goals, the organisation and control of operational performance and exchange processes and the shaping of decisions regarding the type and quantity of production factors to be procured, their use (factor combination in the production of services) as well as the utilisation of the service provided on the market.
The second field of economics is macroeconomics. Unlike business administration, it concentrates on macroeconomics and thus deals with the entire economy of a country, a region or sometimes even the entire world.
Bettina Dirks
