Question

Discuss the benefit of studying Economics to your country. You are required to produce four
paragraphs of explanation in support of the questions

Answer 1

Economics teach us the importance of scarcity of goods and limited resources we have. As population, income, wants is rising, natural resources we have is falling. Economics helps in understanding the importace of trade off which we face every time we involve ourself in economic activity.

It helps in understanding business, economic activities around the world, government policies. If people are aware about economic activities, they will force government to implement such a policy which maximize social welfare, make trade better and make individuals better off.

It is much more than only demand and supply, it helps in attaining information about consumer behavior, opportunity cost, government regulations, optimum tax level and much more.

More economics students will understand trade better which is completely dependent on exchange rate. We need a appreciated currency as well as better trade which is not possible in theories because appreciation of currency raise imports and reduce net exports. More economist will try to maintain this combination.