Economics is a part of Social science which provides explanation to the factors related to determination of production, distribution and consumption. The applications of economics are found in various other fields of study. This is the reason it is a crucial and very popular subject among students. Economics questions and problems cannot be solved if you do not have good understanding of economics concepts and principles. Economics touches everyone’s life whether we know it or not. When we make choices in selecting best product then we use economics unknowingly. The economics has immense importance in our life as this is the economics which answers intricate questions such as “Why water is free and diamond is so costly despite without water we cannot live?”
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