10 Reasons why Economics is important Homework Help
Economics is defined as the “the production, distribution and consumption of a product within a country”
Economics is divided further into two parts micro-economics and macro-economics. Micro-economic deals with a business and country between activities where macro-economic defined a study of all the factors of the country like GDP and NNP. Here are 10 reasons why Economics is important and everyone should know about it. Let’s get started
- It helps economist to understand the market conditions and to evaluate the macro economy.
- It helps to develop knowledge regarding country policies.
- Economies helps an organization to deal with scarcity of resources like raw materials.
- Demand and supply of goods and services are generated through economics graphs and tables studies.
- Without economics, the economist and organization will never know how to distribute the resources to the society for their welfare and development.
- It helps in predicting the prices according the demands.
- It helps an organization to identify the needs, wants and demands of people. Organizations study what the customers are expecting from them and in how much price they are willing to pay. Purchasing power of a target population is also identify by the economics.
- Economic forecasting is done in order to control inflation and deflation in the country. It also helps to identify reasons of poverty in the country. They can give an idea regarding the future with possible results.
- Economics can solved social issues in society.
- Foreign exchange currencies are also predict by economics.
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