Question

what is the importance of economics​

Answer 1

Answer:

Explanation:Economics is concerned with the optimal distribution of resources in society. The subject involves

Understanding what happens in markets and the macroeconomy.

Examining statistics about the state of the economy and explaining their significance

Understanding different policy options and evaluating their likely outcomes

To what extent should the government intervene in the economy? A critical divide in economics is the extent to which the government should intervene in the economy. Free market economists, like Hayek and Friedman, argue for limited government intervention and free markets. Other economists, like Stiglitz or Krugman, argue government intervention can overcome inequality and the underprovision of public goods. For example – should the government provide health care free at the point of use or is it more efficient to encourage private health care? See also: To what extent should the government intervene in the economy?

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Answer 2

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. It partly depends on the priorities of society and what we consider most important.

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