Answer to Question #298139 in Microeconomics for Prosper

Question

Evaluate the importance of studying Economics

Answer 1

Humans have devised a move to study various aspects that revolve around them. Economics can be defined as a study that predicts current market and future market trends. Studying economics is essential because it helps with problem-solving skills and time management. Studying economics has other lists of benefits. First, economics helps in proper budgeting. With economic knowledge, entrepreneurs and householders can spend little income carefully. Second, through studying economics, an individual acquires economic system knowledge. The knowledge explains the difference between consumers and producers and how they are related in the economic sector. Moreover, studying economics improves job search. Many careers require economic concepts like finance, accounting, banking, and insurance. Failure to study economics will reduce the chance of employability. Finally, it helps in conquering poverty. Studying economics gives knowledge about eradicating poverty and satisfying human wants through scarce resources.