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The following discussion strengthens the hypothesis that economics is essentially the science of decision-making.
Economics helps people to understand the production process, how goods and services can be exchanged, and the different consumption patterns in an economic system. In this case, economics plays a crucial role of helping individuals, and organizations to identify the goods and services that they can produce in the most profitable manner. It also enlightens them on the best markets to exchange their commodities, thus maximizing their returns. In relation to consumption, economics provides consumers with the ability to differentiate the consumption patterns that can make them live a stable life as opposed to consumption patterns that may impose strains on their lives. Therefore, economics plays a major role in the decision making process as it dictates what to do at given periods through provision of analytical data.
The government also utilizes economic concepts when dealing with issues related to public finance and the concepts allow the government to set certain prices in the nation, and determine the spending of the government. Economics also contribute significantly to setting prices as it deals with the forces of demand and supply. Therefore, economics aids in the decision making process as it allows different entities to fix prices based on several considerations, that involves statistical relationships.
Given that we live in a world of scarce resources, people strive to find ways that can help them utilize such resources in an efficient manner. Economics, which aims at studying human behavior as a relationship between ends and scarce means that have alternative uses teaches individuals to cope. It helps individuals to make good use of scarce resources, thus increasing their wealth, and welfare. This emanates from the fact that economics increases the ability of individuals to make wise
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Some of these decisions might be sound whereas some others may have detrimental effects on our life. Some people make take sound and quick decisions while they are facing severe problems whereas some others fail to take good decisions while they face even smaller problems.
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