InvestorQ : 'Applied economics usually deal with numbers on which possible outcomes being reviewed are based and supported'-is this sentence true?if yes then write 'T' & if not then write the incorrect sentence and real answer.
Jinia Das made post

'Applied economics usually deal with numbers on which possible outcomes being reviewed are based and supported'-is this sentence true?if yes then write 'T' & if not then write the incorrect sentence and real answer.

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ramya Bhaskaran answered.
4 months ago
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Applied economics is the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world. In general, if economics is the science of studying how people use various, and limited means available to them to achieve given ends, then applied economics is the tool that helps in choosing the best means to reach those ends.

So, applied economics can illustrate what will be the possible outcome of certain financial choices made by individuals. Besides finances, it also helps to understand the meaning of economic theories of rational choice, game theory, or findings of behavioral economics and evolutionary economics.
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