Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 1: Q. 11 (page 25)

What are three reasons to study economics?

Short Answer

Expert verified

The three reasons to study economics are Rational behavior of people, Making policy decisions and Makes an efficient thinker.

Step by step solution

01

Introduction

Economics is a study of the elements that affect revenue, wealth and well-being of the consumers. It is around creating options and studying the result of the options on each other. It connects to every aspect of the lives of people.

02

Reasons

There are three main reasons to study economics which are noted below:

1.Rational behavior of people

Economics believes that individuals are rational and that people execute any type of action that enhances and maximizes their utility.

2.Making policy decisions

Economics aids in creating policy conclusions by choosing the best appropriate method of activity among different available alternatives.

3.Makes an efficient thinker

Economics learning makes us a well-rounded thinkers. It permits us to create efficient conclusions like what to create, how to create and for whom to create.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

A consultant works for$200per hour. She likes to eat vegetables, but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables?

What are examples of individual economic agents?

Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.

How did John Maynard Keynes define economics?

What are the three ways that societies can organize themselves economically?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free