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Hong Kong Zoological and Botanical Gardens Green House, Albany Road, Central, Hong Kong. Image: Yoyo Dy
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What is the importance of economics to the society?Considered a social science, economics uses scientific methods to understand how scarce resources are exchanged within society. Economists study theories and techniques useful for developing policies in government as they have a deep understanding of how to create efficiency in today's world.
What are economic forces in society?Economic forces are factors such as monetary and fiscal policies, interest rate, employment, inflation rate, demographic changes, political changes, energy, security, and natural disasters. All of these have a direct effect on how businesses produce and distribute their products or services.
What is the role of economic forces?Economic forces explain bilateral trade balances
These factors include fiscal policy, demographics, and weak domestic demand, but they may also include exchange rate policies and domestic supply-side policies, like subsidies to state-owned enterprises or to export sectors.
What is the role of economics in the community?Community Economic Development's purpose is to revitalize communities, develop and rehabilitate affordable housing, promote sustainability, attract investments, build wealth, encourage entrepreneurship, and create jobs.
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