Banking Diploma: What is the importance /advantages/ objectives of the study of economics?

What is the importance /advantages/ objectives of the study of economics?
The Importance /Advantages/ Objectives of the study of Economics are mentioned below:

(1) Intellectual Value:
The knowledge of Economics is very useful as it broadens our outlook, sharpens our intellect, and inculcates in us the habit of balanced thinking.

The study of Economics makes us realize that we as human beings are dependent upon one another for our daily needs. This feeling creates in us the intelligent appreciation of our position and the spirit of co-operation with others.


(2) Practical Advantages:  
The practical advantages of Economics are much more important than its theoretical advantages. These advantages can be looked at from the individual and community point of view.

(3) Personal Stake in Economics: 
From personal point of view, the study of Economics is useful as it enables each of us to understand better and appreciate more intelligently the nature and significance of our money earning and money spending activities. With the knowledge of Economics, the consumer can better adjust his expenditure to his income. 
The study of Economics is also useful to a producer. It suggests him the ways of bringing about the most economical combinations of the various factors of production at his disposal. It also helps in solving the various intricacies of exchange. 
From the study of Economics, one can easily judge as to why the prices have risen or fallen. The knowledge of Economics also explains us as to how the reward of various factors of production is determined. 
Thus, we find that every individual can rightly hope to become a better and more efficient consumer, producer and businessman, if he has the working knowledge of economics.

(4) Economics for the Leader:
The study of economics is not only helpful from the individual point of view but it is also very useful for the welfare of the community. It enables a statesman to understand and better grasp the economic and social problems facing the country. 
Every government has to tackle different kinds of economic problems such as unemployment, inflation, over-production, under-production, imposition of tariffs and control, problem of monopolies, etc. The statesmen can successfully solve these problems, if he has thorough knowledge of the subject of Economics. 
The knowledge of Economics for a finance minister is also indispensable. He has to raise revenue by imposing taxes on the incomes of the people for meeting the necessary expenditure of the government. Economics here comes to his rescue and guides him as to how the taxes could be levied and collected.


(5) Poverty and Development:
The greatest advantage of Economics is that it helps in removing traces of poverty from the country. 
Take the case of Bangladesh; we in Bangladesh are confronted with different kinds of problems. For example, low-per capita income, low productivity of agriculture, slow development of industries, fast increase in population, under-developed means of communication and transport, etc. 
The study of Economics helps in devising ways and means and suggesting practical measures in solving these problems.

(6) Economics for the citizen:
Such being, the importance of study of Economics, it is rightly remarked by Wooten that “you cannot be in real sense a citizen unless you are also in some degree an economist”. He is perfectly right in giving the statement. 

The world is so fast changing that we are completely now living in a world dominated by economic forces and economic ideas. 
If the people of any country do not have the working knowledge of an economic system, then the government of that  country can easily hoodwink their citizens. 
On the contrary, if the citizens have proper knowledge of economics, the government will be very vigilant and spend the money in a wise manner.

The importance of the study of Economies can also be judged from this fact that the daily newspapers cannot be understood without some knowledge of Economics. The newspapers often describe complicated economic problems such as inflation, balance of payment, balance of trade, imperfect markets, dumping, co-operative farming, sub-division and fragmentation of holdings, mechanization of agriculture, If you do not have working knowledge of Economics, you cannot understand these diverse problems.

From the above brief discussion, we conclude that the knowledge of Economics is very useful. As such it is necessary that every citizen, worker, administrator, consumer, etc., should have at least working knowledge of it. 

In the words of Sir Henry Clay:

Some study of Economics is at one a practical necessity and a normal obligation”.