Question

Why do we need to study economics

Answer 1

hi
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.
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Answer 2

Answer:

We need to study economics to understand the sustainable use of scarce resources. It is important to understand the state of economy by studying inflation, deflation, demand, supply and many more aspects associated with economics.

In order to improve per capita income and the country's revenue on a whole, the concepts of economics such as utility, value and price, scarcity, transferability, wealth, capital, income and many more are important to comprehend and take decisions accordingly.