This ppt is gives you the basic meaning of economics. why to study economics. Definition of economics. to know why business need economics

1. AMRUTHA S P

2.  Economics is a social science concerned with the production,
distribution, and consumption of goods and services. Economics can
generally be broken down into macroeconomics, which concentrates
on the behaviour of the aggregate economy, and microeconomics,
which focuses on individual consumers.

3.  To know how societies, governments, businesses, households, and
individuals allocate their scarce resources. The economics can also
provide valuable knowledge for making decisions in everyday life.
Economics is concerned with the optimal distribution of resources in
society.
 The study of economics also helps us to understand and analyse the
root cause of basic problems faced by an economy like, poverty,
unemployment, income disparity, etc. and helps to take various
corrective measures.

4.  a social science directed at the satisfaction of needs and
wants through the allocation of scarce resources which have
alternative uses
 We can go further to state that:
 economics is about the study of scarcity and choice
 economics finds ways of reconciling unlimited wants
with limited resources
 economics explains the problems of living in communities
in terms of the underlying resource costs and consumer
benefits
 economics is about the co-ordination of activities which
result from specialisation

5. ECONOMICS is the science that generates relations between society and public
and private administration, thanks to the economy we can measure the
stability of a country, its development and growth in order to generate policies
that tend to improve the overall welfare situation.
 Points of Importance of Economics
 Allows know the basics of human needs, production,
distribution, reuse and better use of resources.
 It provides the basis for exchange of goods and services
between individuals, organizations and even countries.
 Generates systems, techniques and public policies to
improve social welfare.

6.  Provides knowledge and techniques that prevent crises and help
them out.
 It uses econometric techniques to predict future economic
conditions that could harm or benefit certain situations in a
certain place, and how to maximize the benefits and problems
mystify.
 As you can see, economics is a science that encompasses us
completely.
 To be an expert in this field you can study a university degree in
economics, in this course the student will learn how the
economy moves and how to generate the best social conditions.
 Help to set target prices of goods and services.
 Adjust political, financial and even social imbalances.