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

2.  Societies
 Governments
 Business
 Households &
 Individuals
STUDY OF

3. Fosters identifying
policy measures
sustainable development
countries economic progress

4. ECONOMICS IS INTELLECTUALLY FASCINATING &
CHALLENGING
consumer
Producer
Government
Trade
Savings
Investment

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. oDecision making
oUnderstand consumer behavior
oDistribute resources
oEvaluation
oForecasts
oFix market failure
oExtent of government intervention
IMPORTANCE

7. Source of growth
Capital accumulation
Size & 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. o Rational thinking
o Making better choices
o Interpret events
o Innovation
o Economic & financial
stability
o Achieve social efficiency
TEACHES….

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

12. 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

13. 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