In what ways is the study of Economics useful to mankind? – NABTEB QUESTION

The advantages derivable from the study of Economics include the following:

(i) The study of Economics enables individuals to understand the basic economic Concepts and problems thereby helping to take rational economic decisions such as production, consumption, distribution, and exchange.

(ii) The study of economics develops the power of critical thinking in the individual.

(iii) Economics enables an individual to understand current economic issues and inculcated the sense of economic analysis in the learner.

(iv) The study of Economics enables people to choose a career.

(v) Economics empowers an individual to contribute his own quota towards the economic development of the society.