An understanding of basic concepts such as supply and demand and the theory of price is essential if you want to run a sustainable business. A common fallacy fo

An understanding of basic concepts such as supply and demand and the theory of price is essential if you want to run a sustainable business. A common fallacy for example is to calculate prices based on costs instead of the value one creates for one's customers. Other than that knowledge about accounting and being able to read various kinds of reports in particular are highly useful skills as an entrepreneur. That's not economics in the stricter, scientific sense of the word though.