What is the importance of the economy?

Economics is about making choices. Everyday, we wake up thinking on how to run our day activities (whether to report to work or not, either to make lunch at home or to have lunch with friends outdoor.)

Our day to day activities is economics in practice. We go for what gives us satisfaction, in this way, we try to maximize utility and minimize cost and loss.

The knowledge of Economics, helps to prioritize our wants and needs. scale of preference arises, due to Scarce resources and unlimited human wants. Therefore, we go for the top most want, with the available resources.

However, the knowledge of

Economics is about making choices. Everyday, we wake up thinking on how to run our day activities (whether to report to work or not, either to make lunch at home or to have lunch with friends outdoor.)

Our day to day activities is economics in practice. We go for what gives us satisfaction, in this way, we try to maximize utility and minimize cost and loss.

The knowledge of Economics, helps to prioritize our wants and needs. scale of preference arises, due to Scarce resources and unlimited human wants. Therefore, we go for the top most want, with the available resources.

However, the knowledge of economics, helps in understanding our complex and dynamic environment.

Samuelson and William D. Nordhausdefine who define economics as follows in the 1998 edition of their well-known text, Economics:

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

Two underlying key ideas mentioned are :

i. goods are scarce,

ii. society must use its resources efficiently.

The problem of scarcity increases the desire for efficiency - to maximize gain, satisfaction, and to minimize loss and cost.

Moreover, the knowledge of economics, helps to indicate what you have to give up to buy what you want in terms of other goods or services. (opportunity)

One unavoidable thing we do daily, is, Economic analysis - whether to go to work or stay home, and whether to find a different job or be passionate and build seniority at a current job. The purpose of this, is to attain satisfaction at the end.

Economics deals with understanding and interpreting our society

Well, about the same as the importance of, say, “Life”. “The economy” is just a term we use to describe how it is that you, and I, and over seven billion others, get through each day, week, month, year of our lives, until, in the end, we have to stop. You want to live ? You need, food, drink, clothing, heating, possibly/occasionally medecoine, usually a place to kip, and so on. You can, of course, provide all these things for yourself, by your own skills and strength - this is autarchy, a form of DIY economy. Most of us are not really capable of sustaining ourselves indefinitely, so need to co

Well, about the same as the importance of, say, “Life”. “The economy” is just a term we use to describe how it is that you, and I, and over seven billion others, get through each day, week, month, year of our lives, until, in the end, we have to stop. You want to live ? You need, food, drink, clothing, heating, possibly/occasionally medecoine, usually a place to kip, and so on. You can, of course, provide all these things for yourself, by your own skills and strength - this is autarchy, a form of DIY economy. Most of us are not really capable of sustaining ourselves indefinitely, so need to collaboratewith others. That collaboration, usually buying and rendering services, or giving or receiving “stuff” - is what we call “the economy.” It is how we live. Quite important.

Of course, there are lots of different ways of having an economy. Some look better than others. Some people think they know which would be best. Some other people have different views. Probably most of these guys are wrong. Maybe all of them. Now, can I sell you this bridge I have ?

Economics is a discipline concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.

Economic analysis often progresses through deductive processes, including mathematical logic, where the implications of specific human activities are considered in a "means-ends" framework.

Economics can generally be broken down into macroeconomics, whi

Economics is a discipline concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices allocating resources to satisfy their wants and needs, and tries to determine how these groups should organize and coordinate efforts to achieve maximum output.

Economic analysis often progresses through deductive processes, including mathematical logic, where the implications of specific human activities are considered in a "means-ends" framework.

Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers.

A functional knowledge of economic principles is critical to individual decision making and long term wealth generation. Understanding not only the interrelationships between supply and demand, but the factors that influence supply and demand is knowledge that can have a profound impact on your life, not only from a monetary perspective but from an intellectual perspective as well.

I personally think that at least a basic knowledge of economics should be mandatory for any young adult, regardless of their primary profession. Without such a basic knowledge, accumulating wealth from your investable income will be significantly more difficult causing you to eventually rely on the many hucksters posing as financial consultants who want to “give you a hand”. An independent knowledge of fundamental economics will help you deuce reliance on financial middle men who charge for their advice. Like most endeavors, there is no substitute for independent knowledge and understanding

“Everyone carries a part of society on his shoulders; no one is relieved of his share of responsibility by others. And no one can find a safe way out for himself if society is sweeping toward destruction. Therefore, everyone, in his own interests, must thrust himself vigorously into the intellectual battle. None can stand aside with unconcern; the interest of everyone hangs on the result. Whether he chooses or not, every man is drawn into the great historical struggle, the decisive battle into which our epoch has plunged us.”

― Ludwig Von Mises

Do you think that the economics is you operate is important: overspend, and you will regret it. So, be economical with your resources.The academic pseudo science of “Economics” is no help to achieving this. It involves a series of lying incompetents who continually dream up new promises of how you can have your cake and eat it, issue yet more bribes to the stupid electorate, and not pay for it till you are safely out of office. This is “important” only in the sense that it is disastrous - rather like the bubonic p

The importance of economics is to understand how economies work.

It is not by the way to predict what will happen to stock markets in the future, although many people believe that’s the case.

I think that the scope of what economics is supposed to cover is important, but, unfortunately, the way economics has developed is deleterious. The subject is currently in a pre-Newtonian phase. It needs a massive paradigm shift to actually be useful.

It vital question to sastification of human want with scare resource

Use to distribute production and consumption

economic growth