State the importance of economics.

State the importance of economics.

Answers

-Provides the underlying principles of optimal allocation of resources and hence enables individuals and firms to make economically rational decisions

-Enables individuals and organizations to appreciate the constraints imposed by economic environment

-Enables one to appreciate the effect of economic valuables such as inflation, money supply

-Development economics equips one with skills as to why societies develop and means of accelerating that development

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Wincate 1 answered the question on October 5, 2017 at 18:50

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