How does a career in economics evolve an individual?

How does a career in economics evolve an individual?

• Helps in inculcating an understanding of the effects of financial actions and reactions, by individuals and institutions.

• Enables entrepreneurs to have an ideal combination of the different factors of production.

• An economy exists because of two basic factors as follows:
- Human wants for goods and services are unlimited
- Productive resources with which to produce goods and services are scarce.

• Economists study and analyze the relationship between supply and demand of goods and services and how they are produced, distributed and consumed.

• Economists help in providing information to management that affects decisions on marketing and pricing of products, economic forecasts, and the effect that government policies may have on business.

• Economists also help in resolving a number of issues like unfair wages, rapid population growth, and people migrating to city centers, high crime incidence, and loss of human resources due to overseas migration.