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Economics provides you with the knowledge and insight necessary to understand the impact of developments in business, society and the world economy. It enables you to understand the decisions of households, firms and governments based on human behaviour, beliefs, structure, constraints and need.
A social science dealing with interrelationships and predictions (estimates) of production, distribution of good and services, economics helps us with our daily routines (Micro-economics) or our planning for the entire economy (Macro-economics.)
Microeconomics is focused on the actions of individual agents, such as individuals, businesses and consumers; how their behavior determines prices ; balancing budgets; and accounting.
Macroeconomicsstudies overall economic activity such as, aggregated indicators (Gross Domestic Production, unemployment rates, and price indices) to understand how the whole economy functions.
Macroeconomists develop models that explain the relationships among various economic factors (national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance).
With that said, economics is important because it approximates and predicts economic behavior, be it individual or national or international.
because it shows the world how the country has been improving in its assets
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What is the study of economics an important exercise?
why is the study of economics an important exercise
Justify why it is important to study economics?
It is important to study economics so that you understand the market. You need to understand why you pay what you do for the things you value.
How important is the study of economics?
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
What are the advantages of studying economics?
Economics enables us to understand money, its behaviour , and importance. Economics makes a nation prosper, and makes a person educated in a real sense. Economics is defined as a science of money and money being the most important factor in modern man's life it is most important to study.
What is the study of economics an important exercise?
why is the study of economics an important exercise
What are the importance and goals of mircoeconomics?
it is important on understanding the individual pparty of economics it is impotant in knowing the theory and assumption of economics it is important for the economist in planning especialy for the governerment planners it is important on understanding the individual pparty of economics it is impotant in knowing the theory and assumption of economics it is important for the economist in planning especialy for the governerment planners
What are the importances of welfare economics?
Economics is a social science and its important our social life,political life economics and daily life.its based on the piler of country..
Justify why it is important to study economics?
It is important to study economics so that you understand the market. You need to understand why you pay what you do for the things you value.
Is it important to study economics as a business student?
yes, it is important to learn economics because it is also one of the main subjects as well
What the study of economic an important exercise?
why is the study of economics an important exercise
What are the important elements in the definition of economics?
shi*
How important is the study of economics?
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
Whi is scarcity important in economics?
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
What are the most important research in economics?
the bell curve
What are the advantages of studying economics?
Economics enables us to understand money, its behaviour , and importance. Economics makes a nation prosper, and makes a person educated in a real sense. Economics is defined as a science of money and money being the most important factor in modern man's life it is most important to study.
Importance of economics as a science to a political science student?
Well, in politics, the economics and finance is very important in politics, so your party or office can do something. Funding is very important.
