Economics is one subject which helps students in understanding the different economics scenarios which include market condition, competition, labor, 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 towards. In economics, it is essential for the students to understand the concept of the on which the growth of the economy is dependent upon. There are so many factors that students should look into to understand the concept of the economics in a way that would help in taking economics as their main subject in the higher studies i.e. which pursuing eco honors etc.
In economics, one of the most important concepts is to understand the demand and supply of goods and service, i.e. whether there is a demand for the product or the supply of the product. Where there is a mismatch in demand and supply of the products and any mismatch in demand and supply would affect the price directly on the product. If the demand is high and supply is low, then there would be a rise in price similarly low demand, and high supply will affect negatively on the cost of the product.
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