Why should Students Study Economics?
Economics is a well known field of social science where we handle with the production, distribution, consumption of goods, support services and their management in the open market. It’s a fact that small-and-medium sized businesses (enterprises) are the backbone of any market economy.
Economics is a important academic subject in school and college/university, where students are able to specialize in areas of their own passion or interest, including environmental economics, international studies and accounting. By studying economics you can take your interest further and make a real difference in your family as well as the society.
In other words, we can define – Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced (where you first study the needs of people), how they will be produced, and how they will be marketed and distributed among the members of the society, town, city, state, country, or the world.
In order to understand family, society, law, politics, religion and social institutions, the interaction of people from different geographical areas, how and why they take decisions and how they value their available resources (money, time, energy, etc.).
The study of economics and related subjects gives you the skills to take correct decisions using a standard framework that can be applied to many situations. You will learn to think logically and analytically, to be able to understand an economy of people and country as well, to take a final conclusion, you have deep knowledge about economics.
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In economics study, we deal with how the forces of supply and demand allocate scarce resources. Economics is mainly divided into macroeconomics and microeconomics.
Macroeconomics studies a nation or the world’s economy as a whole, using available data about inflation, unemployment, industrial production and the role of government to understand the past and predict growth for the future.
Microeconomics studies the behavior of specific sectors of the economy, such as companies, industries, or households and also examines the behavior of firms, consumers and the role of government policy.
The study of economics helped students to understanding of the effects of financial actions and reactions by individuals and institutions. This understanding allows the projection of future economic conditions based on current indications and various affecting factors in the ongoing markets.
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