Why are costs important in economics?

Answer Economics studies the choices people make on the global market. One of the most important factors in these choices is the cost of goods and services.Benefits vs. CostsPeople decide whether or not t... Read More »

Top Q&A For: Why are costs important in economics

What Are the Costs of Choice in Economics?

The social science of economics involves scarcity. This can be scarcity on an individual level, all the way up to scarcity in a nation. For example, you have to buy $75 worth of groceries, but only... Read More »

Why is it important to understand economics?

Economics impacts all areas of society. People vote based on economic factors such as taxes, they decide whether or not to purchase an item based on a budget or accept or deny a job based on salary... Read More »

How is economics important to society?

Although some societies have a greater abundance of resources--natural resources, industrial production, workers and infrastructure, to name a few--than others, no society has unlimited resources. ... Read More »

Why is studying economics so important?

Studying economics is an essential component of understanding the way goods and services are traded among people and how various situations affect this trade.Resource AllocationBy studying economic... Read More »