Economics is one subject that helps students in understanding the different economic scenarios, which include market conditions, competition, labour, the growth of the county, and the various factors of the financial market that would help students the direction in which the economy is heading. In economics, the students need to understand the concept of growth of the economy is dependent. There are many factors that students should look into to understand the economics concept in a way that would help in taking economics as their main subject in the higher studies, i.e., pursuing eco honours, etc.
In economics, one of the essential concepts in understanding the demand and supply of goods and services, i.e., whether there is a demand for the product or the product's quantity. There is a mismatch in demand and supply of the products, and any mismatch in demand and supply would directly affect the product's price. If the request is high and the amount is low, then there would be a rise in price similarly low demand, and high supply will negatively affect the product's cost.
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