Question

Importance of mathematics in business and economics

Answer 1

Mathematics is an important subject and knowledge of it enhances a person's reasoning, problem-solving skills, and in general, the ability to think. Hence it is important for understanding almost every subject whether science and technology, medicine, the economy, or business and finance.
Mathematics is helpful in economics because it can help quantify or provide measurement and meaning to economic concepts. Mathematics also plays a large role in the area of economic analysis. Economics uses modeling to describe certain states of being and to analyze economic scenarios.