explain the three importance and three limitation of economics.
Answers
Answer:
Economics is a social science that examines how people produce, distribute, and consume goods and services. This means that much of the field is based on human behavior, which can be somewhat irrational and unpredictable. ... Also, the field of economics suffers from the problem of non-replicability.
Answer:
The limitations of economics become especially problematic in normative economics, which involves recommendations about how things ought to be and what types of policies a government should implement in order to improve a nation's economy. Different economists come to completely different conclusions about what kind of regulations and controls should be applied to various markets and exactly what outcomes will result. While they can point to data, historical precedence, and other facts to support their arguments, there is no way to guarantee that they are right.
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