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Why is Economics important?

Economics has evolved over centuries due to the scarcity of resources. Therefore, To understand the scope, we need to understand why we need it. The aim is to maximize the use of resources.<br>This term is derived from economy and science. Thus, It means the science of the economy or proper utilization of resources.<br>Firstly, we must see the opportunities. Check out our article on Career Options in India after Bachelor in Economics to know more.<br><br>Know more : https://www.cheggindia.com/career-guidance/why-is-economics-important-scope-of-economics/<br>

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Why is Economics important?

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  1. Why is Economics important? Scope of Economics

  2. INTRODUCTION Economics has evolved in centuries due to scarcity of resources. Therefore, To understand the scope, we need to understand why we need it. The aim is to maximize the use of resources. This term is derived from economy and science. Thus, It means the science of the economy or proper utilization of resources.

  3. TODAY'S DISCUSSION Top Options Nature of Economics Scope of Economics Basic concepts

  4. CHEGG SUBJECT EXPERT This is one of the best part-time jobs which you can do and earn money. Top Options TEACHING PROFESSIONS Schools and colleges teach economics from very basics. The scope of economics in this field is vast. INDIAN ECONOMICS SERVICES To land a government job you can give UPSC. The age range is 21-30 years. You must have completed M.A or M.S.C with at least 55% marks. MARKET RESEARCH ANALYST They study how the market works by studying the market trends.

  5. CREDIT ANALYST He analyzes the credit score. This help them in getting loans and making investments. Top Options BUSINESS WRITER They write proposals and plans for a company. They also report the financing, stock markets or other economic happenings for publications. WORK AS A CONSULTANT They study market trends with high research skills. Also, They analyze different market trends and help organizations in promoting their businesses. BANKING Banking Services are also a great career path for economics graduates.

  6. CLASSICAL ECONOMISTS THE NEO- CLASSICAL VIEW According to Adam Smith, economics as the science of wealth. Under this viewpoint, it is defined as the science of material welfare. Nature of Economics SCARCITY AND CHOICE DEFINITION It is a human science which involves the best use of scarce resources so that the society is satisfied.

  7. SUBJECT MATTER This is the study of everything related to wealth and value. It is a social science which deals with the wealth generation to satisfy humans using scarce resources. Economics Scope of The study is divided into two parts- Microeconomics - This is concerned with individual consumers, industries, firms, commodities etc. Macroeconomics - It only focuses on the society as a whole. SCIENCE OR ART Both have a different opinion about it. One say economics is only the study of cause and effect and hence is not the science. Others consider it as both science and art.

  8. SCARCITY CHOICE Basic concepts Availability of a resource in a limited amount. Different alternatives are used to resolve scarcity is an issue and is called choices. SCALE OF PREFERENCE OPPORTUNITY COST Here we consider that all humans are rational thinker. Thus, He will always choose the alternative which yields the maximum satisfaction. When a man chooses one over others, he gives up the satisfaction coming from the other also known as opportunity cost.

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  10. Thank You.

  11. TRADITIONAL MEDIA Presentations are tools that can be used as lectures. What We Do DIGITAL MEDIA Presentations are tools that can be used as lectures. EVENTS Presentations are tools that can be used as lectures. FULL-CIRCLE CAMPAIGNS Presentations are tools that can be used as lectures.

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