Why Economics is important for Students to master

Written By: Cudy

12th March 2021

Economics is an important subject to master for students. Because, it teaches how to think about problems in a structured way. It teaches how to make decisions and solve problems with limited resources.

Economics also helps students understand various economic concepts like scarcity, opportunity costs, the law of demand or supply, consumer surplus etc. In which are very important for understanding real-life situations.

What are the various prerequisites for learning Economics?

Students should have an interest to learn economics. They should have a good command over mathematics and statistics.

It is advisable that students must not start with the macro-economics part of economics. Before they learn about micro-economics. Because macro-economics is based on micro-economics.

Students should also read newspapers and magazines regularly to keep themselves updated. About the current situation in the country as well as globally.

How to study Economics?

In order to master Economics, students must be able to solve problems and apply the various economic concepts. It is important for Economics students to take multiple-choice tests, essays, short answer questions etc.

while learning the concepts of Economics. In this way, they can successfully understand how to apply the economic concepts in real life situations and make decisions with limited resources.

What are various Economics subjects?

Here is the list of various Economics subjects that are taught in schools:

Microeconomics – This is also known as ‘the study of economics’. It describes how an economy works on a micro level.

Macroeconomics – This is also known as ‘the study of economics on a macro level’. It deals with the national economy and how it works on a macro level.

Theories of Economics – This subject deals with the economic theories that economists use to understand and explain why things happen in the economy like this theory or that theory.

How to prepare for Economics?

In order to prepare for Economics, students must first master the concepts taught in class. Then, they must try solving problems from different books on Economics such as “Economics For Class 11” by Arihant Publications or “Economics For Class 12″ by Arihant Publications etc.

Students can solve these problems by themselves, or they can take help from their friends who have already done it before them and solved all those problems.

By doing so, they can successfully master all the concepts taught in class and apply those concepts to solve real-life situations.

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