1: WHY IS ECONOMICS IMPORTANT?
Economics provides you with the knowledge and insight necessary to :-
· understand the impact of developments in business, society and the world economy
· enables you to understand the decisions of households, firms and governments based on human behaviour, beliefs, structure, constraints and need.
i. Economics concerned with how society sets about meeting people's demands for things they
want to consume.
ii. Economics looks at the production, consumption and sale of goods and services, both at the level of individual products, firms and consumers and at the level of the total production and consumption by countries.
iii. Economics also compares alternative ways of using the limited resources that countries and individuals possess and considers how efficient and/or fair such alternatives are.
We all make economic decisions every day of our lives, and economics can help to improve our decision making. Economics offers a way of thinking about the world that enables us to make the best of what we have.
No! The study of economics does help you to understand various aspects of finance but Economics is also about choice, scarcity, opportunity, and the impact of decision making on aspects of society.
Economics relates to a whole range of other subjects. Economics is a social science, so it is closely related to subjects such as sociology, politics and international relations.
To have a good grasp of how economies function, it also helps to be able to see economic problems in their historical context and how economic ideas have developed over time. For this reason, economics is closely related to history. Other subjects that are closely related to economics include business studies, human geography and psychology.To be able to analyse economic problems, you will use a number of techniques. Some of these are mathematical and/or statistical.
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