importance of Economics and economists

economics and economists; basics of economics; importance of economics and economists in our daily life; role of economics and economists

1. Importance of Economics & economists- an overview

2. Societies Governments Business Households & Individuals STUDY OF

3. Fosters identifying policy measures sustainable development countries economic progress

4. ECONOMICS IS INTELLECTUALLY FASCINATING & CHALLENGING

5. Daily life: Every matter in our daily life like producing, purchasing, selling, exchange, trading, earnings, savings, investment, allocation of resources and allotment of funds etc., comes under the subject matter of economics Every rational individual think twice while spending a rupee; which means we make choices out of thousands of products available based on our needs, wants, tastes and preferences is the basic source of economics in everyone's life

6. Decision making Understand consumer behavior Distribute resources Evaluation Forecasts Fix market failure Extent of government intervention IMPORTANCE

7. Source of growth Capital accumulation S ize & quality of labor Technology Natural resources HELPS….

8. Answers… Starting from a small farmer to a big manufacturer before they start production process many questions arises such as WHAT TO PRODUCE, HOW TO PRODUCE, HOW MUCH TO PRODUCE and FOR WHOM TO PRODUCE are all answered by the subject matter of economics The complete details of optimum utilization of resources, production methods, technology, infrastructure, government assistance and market information are being provided by economics

9. Rational thinking Making better choices Interpret events Innovation Economic & financial stability Achieve social efficiency TEACHES….

10. Develop conceptual models of behavior Perform statistical analysis Development of public policies Efforts to reduce economic drawbacks In present time economists are everywhere from performing advisory functions to policy formulations WHAT DO ECONOMISTS DO?

11. This inevitable factor leading to Growing demand for trained economists with drastic transformation of economy, from diverse fields such as Governments Finance & banking sector Management business Policymaking & teaching The ultimate goal-to improve living conditions of people all over the world ECONOMISTS ASPIRE FOR A BETTER WORLD & prosperity

12. Hence studying of economics equips individuals to take better decisions leading to increase in economic security and wellbeing of people & society CONCLUSION Economics is not confined to those who study economics We can find the essence of economics in everyone's daily life through the acts of rational thinking and allocating their monthly income among their needs, wants and desires