Principles Of Economics


Politics, geography, sociology, mathematics, engineering, psychology, medicine, law, and business are just a few of the numerous disciplines that economics touches upon. Economic theory focuses on how best to use scarce resources to advance individual and societal objectives. The central concerns of economics include production and employment, health, money and the banking system, investment and savings, government policies on the taxation and spending, industrial organization and regulation, international trade, environmental issues, urbanization. and legal matters (including the design and the enforcement of the property rights). The field of economics equips us with the analytical tools and mechanisms necessary to maximize productivity and minimize waste. Another notion is the “optimal use of the opportunity cost,” in which limited resources are used effectively by first determining and then avoiding wasteful alternatives. Profits may be maximized by minimizing opportunity costs. When this idea is used by governments in planning their budgets, economic growth improves. For a nation or a civilization to thrive over the long haul, economic stability is crucial. The study of the economics is crucial for everyone’s financial development. While theoretical economics knowledge and comprehension is not strictly necessary, knowing and using sound economic principles is crucial to avoiding financial ruin and making enough money to live comfortably. A knowledge of economics, even rudimentary, aids in profit maximization.
Name of Author

Dr. Jugnu Khatter Bhatia, Dr. Byram Anand, Dr. Priyanka Choudhary, Ms. Sakshi Gupta

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