It is useful to study economics for following reasons.
•Economics provides the underlying principles of optimal resource allocation and thus enables individuals and firms to make economically rational decisions. Thus, for example, the preparation of budgets involves a knowledge of demand and elasticity analysis.
•The making of pricing policy decisions draws heavily on the concept of elasticity in economics. Additionally, the theory of production in economics is concerned with the principles that facilitate the optimal combination of factors of production.
•The area of development economics is fundamentally concerned with the reasons why societies develop a means of accelerating development, it is vital for individuals as citizens to appreciate the parameters that determine the development process so that they can contribute more fully to facilitating it and contribute to solving the economic problems that characterize their society.
•Economics is an analytical subject and its study can help to develop logical reasoning, which is never superfluous.
Anganifelix answered the question on December 8, 2018 at 11:37
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