is econ a necessary part of life and if so, then why?

Expert Solution

In terms of scarcity, economics is the study of human preference. In the face of scarcity, capital, markets and trade are all means that people use to better their lives. Economics is important insofar as human beings want to lead better lives and benefit more from their interactions with the environment and with each other.

People who disregard the economics appear to find themselves poor. Ignoring economics is undermining one's ability to achieve or do anything one considers essential. Governments who neglect economics appear to end up in recession and bankrupt, while their people are suffering greatly.

We generally equate it with business and finance because economics requires logical decision-making. So it's no wonder, of course, that most businesses use it as a tool for making their everyday business decisions. Return on revenue, fixed costs like equipment and staff, variable costs like insurance and marketing, return on investment, are perfect measures of keeping things in track of a company's wellbeing. Imagine if we have not had the decision-making process. Some enterprises would go downhill because they'd wing it and know what they're doing isn't working

Rahul Sunny answered 7 months ago

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ECON 1150

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