What is the object of the study of economics?

Asked By: Golam Luthria | Last Updated: 17th May, 2020
Category: business and finance job market
4.4/5 (36 Views . 31 Votes)
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.

Click to see full answer


Also, what is the main objective in the study of economics?

Economics Major Learning Objectives Students will analyze the performance and functioning of government, markets and institutions in the context of social and economic problems. Students will think critically about economic models, evaluating their assumptions and implications.

Subsequently, question is, what are three reasons to study economics? Three reasons to study Economics:

  • Variety of programmes: economics are part of most aspects of everyday life.
  • A focus on real life: economics is focused on learning from case studies.
  • Excellent graduate prospects: most students easily find a job after graduation as economists are needed in most businesses.

Also, what are your reasons for studying economics?

Economics is an important subject to study the problem of an economy. Economics studies the economic and productive activities which affect the human life. We have limited resources which have alternative uses. The same resources can be used in production and consumption both.

What are the subject for economics?

JAMB UTME subject combination to study Economics must include: Economics. Mathematics. Any of Government, History, Geography, Lit-inEnglish, French and CRK/IRK.

28 Related Question Answers Found

What are the objectives of microeconomics?

The objective of microeconomic theory is to analyse how individual decision-makers, both consumers and producers, behave in a variety of economic environments.

What are the five economic goals?

The five economic goals of full employment, stability, economic growth, efficiency, and equity are widely considered to be beneficial and worth pursuing. Each goal, achieved by itself, improves the overall well-being of society. Greater employment is typically better than less. Stable prices are better than inflation.

What are the aims of teaching economics?

Economics is the study of how people get the things they want and need and how these things are distributed. When teaching economics, the objective is for students to understand these concepts from a wide variety of angles.

What defines economic growth?

Economic growth is an increase in the the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms.

What are the importance of economics?


Economics is important for many areas of society. It can help improve living standards and make society a better place. Economics is like science in that it can be used to improve living standards and also to make things worse. It partly depends on the priorities of society and what we consider most important.

What is the meaning of economic system?

An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. As such, an economic system is a type of social system. The mode of production is a related concept.

What is the objective of production in the economy?

Production is the organised activity of transforming resources into finished products in the form of goods and services; the objective of production is to satisfy the demand for such transformed resources”.

What is the goal of economic theory?

To maintain a strong economy, the federal government seeks to accomplish three policy goals: stable prices, full employment, and economic growth. In addition to these three policy goals, the federal government has other objectives to maintain sound economic policy.

What do you mean by scope of economics?

Scope means an area of study or coverage of the particular subject. Scope of economics means area covered by subject economics i.e. the whole topics which should be studied in economics. The scope contains two headings. They are subject matters and nature of economics.

Why is economics important for students?


Studying economics provides one with not just an understanding of human behaviour, but also cultivates in students the problem-solving, analytical, communication and persuasion skills that are critical for success in today's job market.

What are economic advantages?

Economic benefits are benefits that can be quantified in terms of money generated, such as net income, revenues, etc. It can also be money saved when discussing a policy to reduce costs.

Is economics a good degree?

A lot of professionals in banking and accountancy hold economics degrees. For any career related to finance, an economics degree is a good foundation to build on. An economics graduate will have some unique and highly sought after skills and in most cases, employment prospects are good.

What do you mean by production?

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

Why do we study history?


Studying history is important because it allows us to understand our past, which in turn allows us to understand our present. Studying history can provide us with insight into our cultures of origin as well as cultures with which we might be less familiar, thereby increasing cross-cultural awareness and understanding.

Why do we study economics class 11?

Hence, in class 11, the syllabus aims to give students an idea of the economic history of our nation and familiarize them with general economic terms like poverty, inflation, unemployment etc.

What are the three main goals of macroeconomics?

The three macroeconomic goals of full employment, stability, and economic growth are widely considered to be beneficial and worth pursuing. Each goal, achieved by itself, improves the overall well-being of society. Greater employment is typically better than less. Stable prices are better than inflation.