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Why do we need to study economics

Why do we need to study economics

From the very early stage of human civilization, economics have been a part of our society. It has changed its shape and size many times but without economics a civilization cannot sustain or survive. It is one of the subjects the knowledge of which can be used in daily life in various ways. The knowledge of economics makes us more aware of the financial and economical activities of the society. For livelihood all of us have to engage in some work or other. With the help of economics we can gauge the financial circumstances and take precautions that are necessary in adverse economical conditions.

The expenditure of the government and its different policies are often ruled by the theories of economics. It helps in reducing the negative impact of inflation on world economy. Whenever there is a global financial downfall many people lose their jobs and become homeless. Studying economics helps us in fighting with such negative circumstances with expertise. We can also criticize the different policies of the government and ask for what is rightfully ours. We all need to plan our future and there is no better guide than economics to help us in this direction.

Studying economics can teach us how to get more out of little amount of resources and how to accommodate our needs or organize our investments more effectively. An in depth study of economics will help you correlate income and expenditure in such a way that your life will become more organized. Without a clear understanding of this subject we cannot foresee the potential financial problems that we may have to face and make several wrong investment decisions. Even for buying proper insurance policies, home and car we need to have a clear idea about many economical factors. Studying economics equips us with the power to analyze the personal and global financial relations.

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Editor-in-Chief and lead author at WhyDo