How can Economics help improve living standards and make society a better place?

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Amrita Jha

BBA | BMS | MBA Tutor | 20+ Years Experience | Visiting Faculty & Soft Skills Trainer

Economics is a Subject that is concerned with utilizing scare resources in an efficient and effective manner for generating optimum benefit out of it. Know if we all use our scarce resources considering all the resources means everything land, labour, capital and organization we will use it economically....
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Economics is a Subject that is concerned with utilizing scare resources in an efficient and effective manner for generating optimum benefit out of it. Know if we all use our scarce resources considering all the resources means everything land, labour, capital and organization we will use it economically. Say suppose I am paying for my electric bill but if I consider that electricity, power is a scarce resource for the economy then I could save power and my money and that saved power could have been utilized by some one else who is in more need of power than me. Economics is very practical subject which is applicable in our daily life so we should understand it from ground level only. I hope I have tried to make you the concept clear for more information contact me. read less
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Post graduate with Economics ( SSC 2013 clarified)

Answer of your question is inside the meaning of economics, because it tells us how to fulfill our wants when the resources are limited with an efficient level of satisfaction.
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Let us separate the two things you are asking about. First, economics surely will help improve the living standards. And that is possible because it teaches you how money moves in the economy and how it brings along improvement in general living standard along with it. For example, imagine a society...
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Let us separate the two things you are asking about. First, economics surely will help improve the living standards. And that is possible because it teaches you how money moves in the economy and how it brings along improvement in general living standard along with it. For example, imagine a society with just Rs. 100 but may be five different people. If one of them owns the money, Rs. 100 is as good as Rs. 0, because the others will figure out a way to live with out money. But if it is indeed, like in reality, spread among five people, then they might want to work for each other, work with each other, with the goal of making their share of money bigger (because, the one with more money can afford to relax (or in other words, money gives power)). Now, the second part of the question is the tricky part--economics making society a better place. There are arguments in favor of that proposition and against that proposition. Replying here may not be sufficient to explain that. read less
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Economics is focused on the management of scare resources in a manner such that our economic welfare is maximised
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Application oriented with 10 yrs exp

Before answering this question let me to question you. I dont know where you are residing. But, what is the monthly income/Exp/savings/invest of (i)you (ii) Your circle (iii) Your taluk (iv)your district (v) state (vi) India Where all ur taxes are gone? What is the total tax you are paying per day?...
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Before answering this question let me to question you. I dont know where you are residing. But, what is the monthly income/Exp/savings/invest of (i)you (ii) Your circle (iii) Your taluk (iv)your district (v) state (vi) India Where all ur taxes are gone? What is the total tax you are paying per day? Now tell me, how using economics, how can you make the society better read less
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Expert in commercial studies and accountancy

To make society a better place, requires more than "Economics". However, the Economics is one major subject which enables direct study of the Human Behavior in generating income for self as well as for the nation through production, distribution etc. of National wealth.
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Economics is a subject which studies the human beings in their ordinary business of life. According to Robbins economics studies the relationship between wants and means which have alternative uses. By utilizing the resources in the most efficient way and by increasing the production of goods needed...
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Economics is a subject which studies the human beings in their ordinary business of life. According to Robbins economics studies the relationship between wants and means which have alternative uses. By utilizing the resources in the most efficient way and by increasing the production of goods needed by the majority of the people and by removing the inequalities the standard of living can be improved. read less
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Expert training in spoken hindi english ,ielts , gre/gmat training and counseling.

Every human being alive active, should earn his or her bread till alive or healthy. This improves our nations economy. Money saved is money earned people. Should spend only for need and earn also for that not for greed. Thus we can improve on our economy. Work for our country, sleep less work more.
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understanding the needs of child, his dreams and happiness...motivational teacher cum friend

By educating people about growth of economics
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Trainer

It is very simple if we know the growth of population follows the geometric proportion and food grows by arithmetic. And control the explosion of population then we will become superpower truly.
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