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Importance of Study of Economics

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Importance of study of economics, importance of economics economist professor P.A. Samuelson has still not economics as queen of social sciences, study of economics has a lot of importance to human being in different aspect. They are first intellectual value, second practical purposes, and government bodies.

Let us study in detail importance of economics first intellectual for me study of economics increases, the intellectual value of human beings. It helps them to realize that he depends on others in order to fulfill his day to day wants, the thought of dependency develops the cooperative outlook among society people think in a balanced manner it’s further improves the decision making ability of an individual.

Second practical purpose and individual becomes better and more efficient consumer and treated with improved decision-making ability, economics helps the consumer to control the expenditure in view office income such a controlled brings maximum satisfaction to the consumer. It helps to produce says to choose perfect options from available resources and optimize the utilization of available resources to nonprofits.

It also helps the sellers and traders to determine the correct price for the goods, government bodies it is essential for any government to earned revenue, full building, maintaining and developing the economy of a nation. Economics helps governments to frame problem monetary and fiscal policies as well mass tax policies, it is a very supportive factor for government to understand the complex problems like unemployment poverty and inflation to name a few.
We will have a look and graphical representation of the study of economics just foreign idea.

To summarize economics is the study of social behaviour guiding in the allocation of scarce resources to meet the unlimited needs and desire is of the individual members of a given society, economic seeks to understand how those individuals in to act within the social structure address key questions about the production and exchange of goods and services.

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