Economics helps in professional decision making. Give reason.

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1 Answer

answered Aug 27, 2022 by Ramesh nirvani (59.2k points)
selected Aug 27, 2022 by Taraknath Pal

Best answer

Economics helps in knowing and understanding scientific principles and theories.
For example, revenue and cost as well as demand and supply are economic concepts used in all types of economic activities.
Certain economic theories help businesses in making day to day decisions related to price determination, wage determination, etc.
Economics also provides knowledge regarding the impact of certain decisions. For example, it provides insights into questions like, what happens if price gets reduced in market owing to very high competition?
Thus, the knowledge gained through information obtained from economics helps in taking professional decisions in the industry.