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1.1.12 Significance of Economics
Economics has great significance to individuals, to the economy, production and supply of goods and services. Income, savings, wages, employment, money, banking and inflation are some of the issues that affect people in one way or the other. We have unlimited wants but the resources available to satisfy the wants are not only limited but also have alternative uses. So, it becomes a question of choosing wants so as to maximize our satisfaction. With globalization, free international trade is emerging. What happens in trade somewhere may have implications elsewhere, across the world. Poverty reduction and better standards of living are considered priority objectives of development. All these aspects are dealt by economics. An understanding of basic economics would be of great use to every one of us to manage our income, savings, investment, banking, trade and consumption. |