Mataracy
VIP Contributor
To me personally it is very necessary to study economics in the face of abundant resources in the sense that; if the abundance resource is not well economize and manage it may be waste without meeting any needs of people.
We study economics for the following reason.
(1) It enables us to think. We are able to apply its principles to solve practical issues or problems and thus avoid unnecessary and costly mistakes.
(2) The study of economics enables the individual yo understand better the relationship between himself and his fellow human beings in his effort to make a living.
This may have a statutory effect on his personal progress.
(3) It is the aim of economics as a discipline, to build up a body of principle and to furnish the economist with the tools of economic analysis that will enable him not only to understand current economic problems but also to see the economic consequence of pursuing a particular line of policy.
The study of economics, therefore enables us to detect and point out the merit and demerit of any government policy with regard to the community.
(4) The study of economics enables the individual to make right decision on the spending of his money.
It does not make him a miser; rather, it enables him yo ensure that he derives maximum satisfaction from the money he spends on any thing.
(5) The knowledge if economics also help us to give practical advice.
Since society is face with the problems of scarcity and choices.
Do we really need to be studying economics in the face of abundance?
We study economics for the following reason.
(1) It enables us to think. We are able to apply its principles to solve practical issues or problems and thus avoid unnecessary and costly mistakes.
(2) The study of economics enables the individual yo understand better the relationship between himself and his fellow human beings in his effort to make a living.
This may have a statutory effect on his personal progress.
(3) It is the aim of economics as a discipline, to build up a body of principle and to furnish the economist with the tools of economic analysis that will enable him not only to understand current economic problems but also to see the economic consequence of pursuing a particular line of policy.
The study of economics, therefore enables us to detect and point out the merit and demerit of any government policy with regard to the community.
(4) The study of economics enables the individual to make right decision on the spending of his money.
It does not make him a miser; rather, it enables him yo ensure that he derives maximum satisfaction from the money he spends on any thing.
(5) The knowledge if economics also help us to give practical advice.
Since society is face with the problems of scarcity and choices.
Do we really need to be studying economics in the face of abundance?