what are your reasons for studying Economics
Answers
Answer:
Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals.
You will also develop a range of transferable skills, such as:
communication.
problem solving.
research.
numeracy.
time management.
Answer:
The reasons for studying economics are:
Explanation:
→ To study the Theory of consumption: We want to know how the consumer decides, given his income and many alternative goods to choose from, what to buy when he knows the prices.
→ To study the Theory of Production: We also want to know how the producer, similarly, chooses what to produce for the market when he knows the costs and prices.
→ To study the Theory of Distribution: We want to know how the national income or the total income arising from what has been produced in the country is distributed through wages (and salaries), profits and interest.
→ The study of economics also helps us to understand and analyse the root cause of basic problems faced by an economy like, poverty, unemployment, income disparity, etc. and helps to take various corrective measures.