Why is it important to understand economics?

Answer 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 »

Top Q&A For: Why is it important to understand economics

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 are costs important in economics?

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 »

Important Concepts in Economics?

Economics studies how the goods and services consumers desire get produced and distributed. Economists, experts in the field, study how to make a society's production and distribution system work m... 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 »