Question

10. Explain (i) Theoretical and (ii) Practical significance of Economics.​

Answer 1

1. For theory has a role in economics. ... The essential theme of this essay that economics is a policy science and, as such, the contribution of economic theory to economics should be measured on how well economic theory contributes to the understanding and conduct of economic policy.
2. No subject of the present day is so important as economics. Economics governs the life of the individual, Society and the modern States. The subject plays a significant role in the international affairs. The knowledge of economics helps in solving many problems and the study has practical advantages as follows.