Abstract:
Economics as a subject has great significance in the life of human and networked through many dimensions as social, political, national or international. Economics is the only subject in social Science in which Nobel Prize is awarded. India, with its vast population and limited resources, faces constant challenges in how to allocate resources efficiently. From buying groceries to paying EMIs and watching the news about the government budget, economics plays a big role in our daily lives. It helps us to make smart decisions, both as individuals and as a nation. Economics helps students and policymakers understand how to prioritize spending, manage scarcity, and maximize welfare India still struggles with poverty and unemployment in many areas. How the government can create better jobs and reduce poverty. how the government collects money (taxes) and how it spends it. why prices rise and interest rates affect loans, the reciprocal tariffs imposed by the US government how it affects the Indian businesses and the global market. The world facing many common economic challenges like rising oil prices, recession fears, and wars or conflicts that impact global trade.
