Studying the basics of Economics introduced in class 9 helps us identify the policy measures that encourage prosperity and avoid inefficiency, making it a crucial driver in the search for sustainable growth. Understanding humans, and their motivations, is critical to designing initiatives that can have social and economic impacts upon society at local, regional and national level. Whole nations have transformed themselves for the better through the incorporation of economic principles in their policies, like China, South Korea and Singapore, to name a few. Studying economics provides one with not just an understanding of human behaviour, but also cultivates in students the problem-solving, analytical, communication and persuasion skills that are critical for success in today’s job market. In business, economists can provide key insights into how to make a product or service appeal more to customers by de-constructing their incentives and desires. The deep insights into customer behavior, business strategy and volatile markets that economics provides can help companies make intelligent decisions to promote greater business growth and success and all was possible due to basic knowledge of economics and its awareness. Extramarks helps you shape your career in Economics with the best explanations to the basics of Economics ICSE Class 9. Companies are always eager to find better ways to make their value proposition clearer and more compelling and this is why skilled economists and economic analysts are in heavy demand across industries today. Following up the study of economics with an MBA opens up lucrative opportunities in marketing, finance and consulting, making it a vital first step onto a career path with exciting growth opportunities and prospects. This is one of the reasons that graduates in economics and postgraduates with a background in economics command some of the highest wages in the global job market. As the Indian economy becomes more sophisticated and connected with the rest of the world, the demand for economists in government, business and policy-making will rise. India’s economy needs a greater participation from those well-versed with economic principles, to guide the discussions in corporate boardrooms and governmental organizations so that the country can show greater growth. India has weathered more than seven decades of economic mismanagement, borne largely out of widespread economic illiteracy. This certainly needs to change which can only be possible if we improve upon our education today. Download the Extramarks application now and find out more about the importance of Economics ICSE Class 9 and how to study it in detail.
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