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Why does studying economic history matter?

Question:

Why does studying economic history matter?

Economics:

Economics is a study which is concerned with factors like production, distribution, transfer of wealth, consumption, and other economy-related issues. Economics is divided into microeconomics and macroeconomics. It is also concerned about the allocation of different resources in an economy.

Answer and Explanation:

The study of economics and economic theories in the past is defined as economic history. It studies various methods, models, application, and...

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What is Economics? - Definition, History, Timeline & Importance

from Introduction to Macroeconomics: Help and Review

Chapter 4 / Lesson 7
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