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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:

  1. Rational behavior of people
  2. Making better policy decisions
  3. Making an efficient thinker.

Step by step solution

01

Step 1. Meaning of Economics.

Economics is the study of how humans make decisions in the face of scarcity. It is about making choices and studying the impact of the choices on each other. It includes individual decisions, family decisions, business decisions, or societal decisions.

02

Step 2. The three reasons to study economics.

The three reasons to study economics are:

i. Rational behavior of people

Economics assumes that people are rational they perform activities that maximize their utility.

ii. Making better policy decisions.

Economics helps in choosing the best policy among the various alternatives and improves our decision-making skills.

iii. Making an efficient thinker

The knowledge of economics makes us knowledgeable thinkers. It helps us in making decisions like what to produce, how to produce, and for whom to produce.

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