*The views expressed in the blog are those of the author.
Economics is a subject of managing one’s choice based on limited resource availability. There
are numerous choices and wants of the people; we as individuals have huge desires, but we lack
the resources. The resources are limited and depleting gradually by each day. So, when wants are
numerous and resources are limited, how should an individual fulfil all his needs from limited
resources? How can an individual satisfy his desires? The answer to the questions is hidden in
ECONOMICS, where you will fall in love with the subject.
Economics is a subject that tells us about the allocation of the limited resources against
numerous needs, and it maintains a balance between wants and resources. All the wants of an
individual cannot be met, so there should be a need to prioritise the needs. Economics subject plays
a vital role in it. It can help in ranking the wants based on the needs and accordingly the resources
are allocated.
The subject also helps determine the requirements not only of an individual but also of the
whole civilians. What is done for its fulfilment? To what extent is it being fulfilled? Furthermore,
the consequences of its unfulfillment result in the rise/fall of prices of the goods, commonly known
as Inflation/Deflation.
Economics has a significant role in understanding and following the nation’s economy, growth,
challenges, and prospects. It is like a window through which the whole economy of the country is
visible. So, those who have a keen interest in the country and its economic progress must fall in
love with the subject- ECONOMICS.
The subject also helps in planning, which is the start point to solve any problem. Planning is
the activity of thinking and deciding the activities to be done in advance to achieve the goal. Every
problem, be it saving, expenditure, budget, and budgetary control, requires definite planning to be
done in advance to cope with the limited resource and derive maximum benefits.
If anyone is interested and keen to know and solve the basic economic problems of the country,
then he must be in love with the subject. Economics is a subject of practical knowledge as it clearly
defines and explains economic problems like poverty, unemployment, inflation, deflation,
fiscal/monetary and budgetary deficits. It also describes the fundamental Economic indicators of
the country like GDP, GNP, Demand, Supply, National Income, Per Capita Income, etc. Thus, it
defines the problems and provides solutions for the problems, its planning and control.
The subject is efficient and has a vast scope. It has enormous career development and
professional development scopes which an individual can utilise for his/her personal and
professional development. It also develops a sense of being responsible towards the resources and
economy of the country and is used to plan our day-to-day life.
BEING AN ECONOMIST, I LOVE THIS SUBJECT THE MOST. DO YOU???
Dr VK Pandey
PGT (Economics)
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