Question

many people have different concepts or ideas about the study of economics. it would be interesting to know what are you thoughts as it relates to the study of economics and its importance in society.

Answer 1

Economics is all about money and economics and supply and demand problems for most people. While these are important elements, there is much more to economics. Economics provides a framework for understanding individual, business, and government actions and decisions. This provides a means of recognizing relationships in a market-driven society, and examining policies of government that impact citizens ' families, jobs and lives.

Economics is concerned with maximizing resource allocation within society. The subject is Understanding what's going on in markets and macroeconomy. Examining the economic stats and describing their importance Knowing different policy choices and evaluating their likely outcomes.

Economics is not like mathematics a conclusive method. It's difficult to be sure about outcomes because of many unknown variables, but a good economist will be conscious that the outcome depends on different variables, and there are different potential outcomes. That should help to avoid a too political approach. Of example, a government may have the ideology of "free markets are always best," but an economist would be aware of a more nuanced view that government intervention can solve market failure and boost welfare in some markets, such as health care, transportation, etc. Yet, at the same time, it doesn't always mean that State intervention is best.