Question

Q18) Briefly explain the three importance and three limitation of
economics.​

Answer 1

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Also, the field of economics suffers from the problem of non-replicability. It is impossible to precisely recreate market conditions or predict an outcome based on how markets have behaved in the past under similar circumstances.

Answer 2

Explanation:

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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