Importance of Economics

A. Importance for Individuals

• Helps in budgeting and personal finance.
• Guides decisions on savings vs. spending.
• Explains job market trends (e.g., why IT jobs are growing faster than agriculture jobs).

B. Importance for Businesses

• Companies use demand and supply analysis to set prices.
• Helps in forecasting market trends.
• Guides decisions on production, hiring, and investment.

C. Importance for Governments

• Helps design policies on taxation, subsidies, and welfare programs.
• Used to control inflation and unemployment.
• Guides trade negotiations and foreign investment policies.

D. Importance for Global Society

• Explains global trade patterns.
• Helps in tackling poverty, inequality, and climate change.
• Guides international organizations like the IMF, World Bank, and WTO.