Why do we need to study Economics?

Following are the needs:

a. To understand the scarcity of resources against it wants

b. To prioritize decision making

c. To identify the efficient use of limited resources

d. Contribute towards the economic development

e. Contribute towards government’s revenue, as to help them serve society through policies and programs

f. Understand the Socio-economic problems of an economy and to find solutions for them

g. To develop policies such that they contribute towards the development of the country.