Theoretical Importance of Economics

January 16, 2021

theoretical importance of economics

Intellectual values

Study of economics sharpens the intellectual values .It helps to understand the Economic problems. A student of Economics observes closely the human behavior in the ordinary business of life and derives results after analyzing facts

Educational Benefits

In the present times the education of a person cannot be complete with the study of economics what ever is happening around us has economic importance even highly qualified person without the study of economic cannot fully understand the economic problems

Useful information

By studying economics we get useful information.  With the study of economics National and international economic changes cannot be understood. To understand the economic problems e.g. Inflation, Economic depression, un-employment. Low level of National income ,Low per can capita income ,Unequal distribution of wealth and disequilibrium in Balance of payments ,Study of Economics is compulsory .

To understand the working of economic system

With the help of economics we are able to understand how economic system works and what are the basic problems of an economy i.e. what to produce, how to produce, how much to produce and for whom to produce

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