Well you know that this is an age of economics as people all over the world have become more shrewd and concerned over their money and how it should be spent wisely. People living in third world countries in particular have realized that the study of economics can provide them with a solution to their economic and social problems. There are some advantage which a subject like economics offers to students. The use is either theoretical or practical depending on whether you are studying or implementing it.

Economics widens the mental horizon of people because it allows them to appreciate the economic realities of life. Usefulness of savings and investment, behavior of general price level, need to boost exports and to control imports, the role of banking etc.

We can surely learn to live to the ever changing economic situation of the country, if we happen to know economics and how economies behave under different conditions. We will know why there is inflation, unemployment, budget deficit and how taxes work along with the agricultural, industrial, monetary and fiscal policies of the government.

The consumption theory in economics leads us to the maximization of a utility by minimum expenditure and helps to develop an attitude towards thrift.

We will be able to learn and appreciate the advantages and disadvantages of economic system like capitalism and socialism.

As far as practical reasons are concerned, the most important one is that economic theories provide us with solutions to economic problems of the country. A lot of wastage of resources can be prevented if the theories of economics are applied. The industrialists and businessmen must learn about the optimum combination of factors of production, adjustment of supply with demand for equilibrium in the market, different booms and depressions and how to cope with the effects of the same. Furthermore, even distribution of wealth, guidance to government on how to make monetary and fiscal policies, capital development and government expenditures, budgetary allocations all are dependant on the study of economics.

Economics acknowledges only those economic activities which are done within the framework of the law and constitution. Hence, it patronizes only legal resources of income and discourages activities like smuggling, black marketeering, hoarding and profiteering. People in developing countries follow orthodox and obsolete customs and traditions which involve wastage of resources. For example, a lot of expenditure is done when a child is born, on marriages, on death ceremonies. Such expenditure retards the growth of savings and investments. Economics teaches the rational approach in the use of resources.

I hope these are enough reasons for you. Good luck in taking economics.