Participate: Why we study Economics

JAMB: WHY WE STUDY ECONOMICS

*ALLOCATION OF RESOURCES: The study of Economics enables the Government to allocate scarce resources to various sectors of the Economy.
*DEVELOPMENT OF PROGRAMMES: Economics enables the Government develop certain programm that are beneficial to people.
*RATIONAL DECISIONS: Economics enables the individuals to chose certain wants among the numerous need, using their scarce resources.
*PREPARATION OF BUDGETS: It assist the Government to determine the expected income and expenditure of a country.
*SOLUTION TO ECONOMIC PROBLEMS: Economics also enables individuals, firm, government to solve their problems using various principles of the subject.
*PRODUCTION: The study of Economics assist us to determine what to produce, when to produce, factors of production and how to produce Goods & services required to satisfy human want.
*MAXIMISATION OF PROFIT: Economics enables traders and businessmen to maximise their profits, using Economic principles in their business