how is economics helpful an individual in the society?
plz answer in detail
Answers
Economics is basically the study of or the discipline which looks at consumption, production of goods and or services in an economy, and the transferring of wealth, i.e also known as investment. Other things include spending as well.
Every individual plays an important role in the society. As this individual might be a sole trader which runs a business in the economy, pays his/her taxes and adds to the Gross Domestic Product of the country which is one of the main determinants of its growth.
By learning economics, people learn that scarcity of resources exist, so one must weigh the pros and cons of purchasing a good or service and then purchase accordingly. In economic terms this is also known as a cost benefit analysis.
For example: If an individual wants to vote for a leader, he or she must know whether this leader has done correct investment using the national exchequer or not. Whether the leader did a correct cost benefit analysis before making a hospital vs a school or not, in a specific area.
Other things may include, the ability to learn how the market works, to spend wisely as well as invest wisely. Example: In land or in shares.