What is economics and how is it important to entrepreneurs?

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Economics is important to entrepreneurs in many ways. Economics can determine the success of one's business. For example, if the economy has a bad day then the entrepreneurs business will lose money. This can effect the success of a business. Another example is when the economy promotes monopoly. A monopoly is when a market is controlled by one company that has taken control of all competition. If the economy is promoting a monopoly means that they will either be taken over or will be forced out of business due to the fact of the monopoly having control of the market.