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Economics is the study of that knowledge area that analyzes production of goods and services, consumption and how the wealth is transferred in the economy. Economics explains the way people communicate in the market so as to attain their objectives.
Economics has always been a very important field of study and the prime reason is it is the driving force of human interaction. Apart from this there are several reasons why the study of economics is considered to be very important. The reasons are:
- Economics provides us the theory behind law of supply and demand which is the backbone of any business idea because if a firm is overproducing or under producing then it will affect the economic health of the firm.
- Economics has several branches: microeconomics, macroeconomics, political economics, growth and development economics, welfare economics etc and each of this is linked with each other and together creates a cohesive force which drives the economy of a country.
- Macroeconomic concepts like gross domestic product, gross national economy, balance of payments etc are the key indicators of a country’s economic health and are the building blocks behind the country’s economic and fiscal policies.
- Every person must be aware of economics because economics is closely related to our life and with knowledge of economics one can achieve betterment of life.
- Economics teaches us ways to optimize resources.
We provide homework help in following economic branches :
- Microeconomics homework help
- Macroeconomics homework help
- Political Economics homework help
- Welfare Economics homework help
- Growth and Development Economics homework help
Next: Overview and importance of microeconomics