Economics is a branch of social sciences that deals with the optimal allocation of economic resources for the production of goods and services, and the distribution of resources among community members to meet their present and future needs and desires. Economics is at the forefront of Social Sciences, whereas other branches of Administrative Sciences could be regarded more or less as applications of Economics. The key principles of Economics provide the bases for logical and critical analysis of the material well-being of human beings. Economics offers the knowledge and tools necessary for understanding the impact of various issues and developments on the behavior of economic agents, and predicting the consequences of economic policies on the society and the nation as a whole.
In today’s world studying Economics is crucial to understanding policies and their impacts at the national, regional and international levels. Institutions responsible for the conduct of economic affairs in any nation such as ministries, and other public and private agencies are numerous; which highlights the importance of studying Economics and the key role it plays in the community.