Why is learning about economics an important part of making responsible choices

2 answers:

6 0

We are all consumers and some of us are entrepreneurs as well. Thus we must all make economic choices. Economic theory helps us understand the workings of the economy as a whole and helps us explain the assumptions that underlie economic choices. For example, consumers must make rational choices that improve their economic and social well-being. Entrepreneurs should choose inputs and the most efficient production model possible. Consumers and producers interact in the goods and services market, each seeking to improve their situation and meet their needs. Thus Economic theory gives us the insights necessary for this interaction to be beneficial to both sides.

dybincka [34]3 years ago

3 0

Economics is important in the making of choices because it equips one with basic economic concepts for analyzing situations in order to make rational choices. Economics gives one tools to understand economic and financial issues such as the concepts supply, demand and utility in order to make optimal choices

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