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Economics is a branch of social science that studies the production and distribution of goods and services. It’s all that you need to know how businesses, governments, and nations are financially doing to satisfy their needs and wants. Economics is further divided into two branches, microeconomics, and macroeconomics, the micro branch helps you learn the tiny factors that play a role in the country or organization’s economy, while the macro is the study that exposes you to bigger factors.
Importance of Economics
Economics helps us understand how the resources of this world are allocated to meet the needs of our society. This study helps you make informed financial and business decisions.
Moreover, the knowledge of economics helps you predict the financial condition of an organization or a country and helps you design policies accordingly.
Types of Economics
- Mixed Economic System:
- Command Economic System
- Market Economic System
- Central Economic System
- Traditional Economic System
What’s the concept of Supply and Demand in Economics
The willingness of people to buy a good or service defines its demand in the market. On the other hand, the quantity of a good or service that producers are willing to sell or expose to the buyers defines the supply of a product.
There are different factors that affect the demand for any product or service such as income, buying power, preference, prices, quality, and number of buyers of a certain product. On the other hand, production costs, technology, prices of related goods, expectations, and the number of sellers affect the supply of a product.
Career Opportunities for Economists
The study of economics opens multiple career opportunities for you as it strengthens your skills to conduct research, analyze data, and develop policies that benefit you by forecasting the upcoming future economic trends.
Test Bank IQ offers you multiple economics test banks that’d help you understand how financial markets operate and how the global banking systems work.
From economic consultant to global market trader, you get tons of career opportunities to choose from.
Test Bank IQ
Test Bank IQ offers a valuable range of Economics test banks that cover all the significant economics topics, ensuring thorough preparation for your upcoming exams.
We source our test banks from reputable authors and textbooks that include every detailed question along with their answers that mirror exam formats and questions time to maximize your preparation.
Whether you’re a teacher or a student, you can trust our test banks as they provide you with real-life applications along with theoretical knowledge to ensure that you thoroughly understand every single concept.