Why we study Economics?

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Why we study Economics?

We study economics in order to be rational and influence rational behaviour. Economics defined is the study of society pertaining to its usage of scarce resources to create valuable commodities and see its distribution among different people.

Pertaining to this there are two key ideas

-        Goods are scarce.

-        Society must utilise these scarce goods efficiently.

We study economics to give ourselves a systematic framework for analysing, researching and understanding a wide array of financial issues. Economics provides us with methodology for understanding and making sense of our complex environment. Furthermore as an economist, we are labouring to collect data and improve our understanding of economic trends

Also we study economics to explain a wide and exponential expanding array of activities ranging from international trade, unemployment and inflation. This is inclusive of investments, retirement funds and even pollution control.

The study of economics is undertaken to be able to implement economic analysis both theoretical and empirical in order to generate essential insights into individual and aggregate behaviour and relationships.

Studying economics is no field that has room for futility as we study it to do our least bit in ensuring society utilises its resources efficiently besides these hard facts we study in this field for the good job prospects and its rewarding salary .

 

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