Question

what economics is and why it is important to as business students, or consumers in general. I want you to be specific when you are talking about how it is important. Remember if you are going to state a fact be prepared to show where you got that information.

Answer 1

Economics is nothing but a branch of social science which actually deals with the consumption and the transfer levels of wealth and production as well. Economics is very important for business students because business students actually study with an aim of maximizing the profit and welfare of the country with a role to contribute in the economic development on the whole. In this regard, economics helps the business students understand importance of scarcity of resources and how to put this resources into optimal use so that maximum output can be generated from them so that it would be profitable for the whole economy. For consumers economics helps to understand many things such as their budget constraint and the levels of spending and what are the requirements for them on the whole. In this regard, it is important to understand the details about their income and opportunity cost levels so that you would progress accordingly in their life