main importance of economic
Answers
Answer:
Economics is important for many areas of society. It can help improve living standards and make society a better place. Economics is like science in that it can be used to improve living standards and also to make things worse.
Answer:
Economics is important because it helps people understand how a variety of factors work with and against each other to control how resources such as labor and capital get used, and how inflation, supply, demand, interest rates and other factors determine how much you pay for goods and services.
Business economics often handles the analysis of various costs that business firms incur. Every business always desires to minimize their costs and maximize its profits by embracing different economies of scale.
Economic analysis can be applied throughout society, in real estate, business, finance, health care, and government. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.