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Chapter 1: Q. 11 (page 25)

What are three reasons to study economics?

Short Answer

Expert verified

The three reasons to study economics are Rational behavior of people, Making policy decisions and Makes an efficient thinker.

Step by step solution

01

Introduction

Economics is a study of the elements that affect revenue, wealth and well-being of the consumers. It is around creating options and studying the result of the options on each other. It connects to every aspect of the lives of people.

02

Reasons

There are three main reasons to study economics which are noted below:

1.Rational behavior of people

Economics believes that individuals are rational and that people execute any type of action that enhances and maximizes their utility.

2.Making policy decisions

Economics aids in creating policy conclusions by choosing the best appropriate method of activity among different available alternatives.

3.Makes an efficient thinker

Economics learning makes us a well-rounded thinkers. It permits us to create efficient conclusions like what to create, how to create and for whom to create.

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Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram.

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