Chapter 1 Class 6 Economics - Introduction to Economics

What is economics and why is it important? Give examples of how economics can help us make good choices for ourselves and our community.



Answer by Student

  • Economics is a social science that examines how people produce, distribute, and consume goods and services in a world with limited resources .

  • It is important because it helps us understand how the world works and how we can make better decisions

  • Some examples of how economics can help us are:
    • Economics can help us save money by comparing prices and choosing the best value for our budget .

    • Economics can help us protect the environment by reducing waste and using renewable resources .

    • Economics can help us cooperate with others by trading goods and services and sharing common goals .
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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.