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Economics is very important because it is a study that affects all the people both directly and indirectly. It deals with the allocation of scarce resources to the unlimited human wants. Microeconomics studies the behaviour of indivinduals and firms ensuring they make informed decisions when making choices. Macroeconomics studies the overall behaviour on an aggregate scale and deals with issues such as inflation, unemployment, national income, GDP e.t.c. which affects the livelihoods of all the citizens of a given country.
Kayleigh Padberg
Wiki User
∙ 11y agoEconomics is the study of how to best allocate resources, so economics helps businesses to best manage themselves and helps government officials to set regulations that best suit society, depending on what the government deems to be more important (and how much more important): equality or efficiency
Wiki User
∙ 7y agoEconomic decisions are a part of everyday life in many ways. Economics are used when a food item or a product is priced for sale. Economics are also used when we accept a wage for our employment.
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