Hello folks and Welcome to gcequiz.com, an online revision platform that will help you to prepare for your general exams or any class exams with quizzes. Today we're going to talk briefly about what Economics is all about, some definitions of economics by some economist and how important it is in our day to day lives.
Economics has gone a long way, It was very slow in the 19th century but it has been speeding up ever since then. There are so many ways of studying economics.
By Alfred Marshall, Economics is the social science which is geared at the satisfaction of wants and needs via scarce resources which have different uses.
So many Economist have given their own different definitions for economics but the standard definition is that of Alfred Marshall.
Role of Economics
Assets are limited, and individuals and governments should settle on decisions. By examining the way that individuals settle on decisions, the better decisions we make!
Economics has a serious broad task to carry out in a huge number of settings, especially in tackling agrarian and ecological issues. For instance, it has a lot to add to improved approaches for the proficient focusing of horticultural appropriations, the control of contamination and the consumption of regular assets.
Importance of Studying Economics
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