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Differentiate between accounting and economics.

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Economics is a subject that deals with how man satisfies his wants using scarce resources. It uses a supply and demand framework to explain how the prices and quantities of goods and services are determined in a free market economies system.

On the other hand, accounting is the language of business. It provides the record-keeping mechanism for showing ownership of the financial instrument used in the flow of financial funds, between savers and borrowers. Accountant also record revenues, expenses and profitability of organization that produces and exchange goods and services.

marto answered the question on March 4, 2019 at 09:39

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Differentiate between accounting and economics.

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