33. Economics is an art as-- (a) it teaches us to do (b) it provides p...
Economics is an art as it:
- Teaches us to do
- Provides practical solutions to various economic problems
- Is practice of knowledge
- All the above
Teaches us to do:Economics teaches us how to make the best use of limited resources to satisfy the unlimited wants of individuals, societies, and nations. It teaches us how to allocate resources effectively and efficiently. It also teaches us how to make informed decisions about production, consumption, and distribution of goods and services.
Provides practical solutions to various economic problems:Economics provides practical solutions to various economic problems faced by individuals, societies, and nations. It helps us to understand the causes and effects of inflation, recession, and unemployment. It also provides insight into how to tackle issues related to poverty, income inequality, and environmental degradation.
Is practice of knowledge:Economics is the practice of knowledge that deals with the production, consumption, and distribution of goods and services. It involves the study of human behavior as it relates to economic activities. It is a social science that seeks to understand the behavior of individuals, firms, and governments in the marketplace.
All the above:In conclusion, economics is an art as it teaches us to do, provides practical solutions to various economic problems, and is the practice of knowledge. It is a dynamic field that continues to evolve as new economic challenges arise. By studying economics, we can develop the skills and knowledge necessary to address these challenges and improve the well-being of individuals, societies, and nations.