Economics (Introduction-9)

The study of economics developed to cater to the needs of working of modern economy for arriving at a solution. For example, a need was felt to analyze the manner in which production and employment levels are determined and the steps that are needed to encourage these in order to raise standards of living. It is also noteworthy that a typical modern economy is unable to solve all its problems once for all. Instead, a host of new economic issues and problems keep emerging continuously. As a result of this ongoing interaction, the discipline of economics
keeps evolving both in terms of coverage and in terms of depth of analysis.